Cushman & Wakefield Sells Apartment Building on the Upper East Side
An apartment building at 409 East 87th Street, located between First and York Avenues on Manhattan’s Upper East Side, was sold in a transaction valued at $6,500,000.
The five-story walk-up building contains approximately 8,590 square feet on a 25’ x 100.71’ lot. It consists of 20 free market units, with 18 studios and two duplexes. The sale price equates to approximately $757 per square foot.
The property is located less than a block from Carl Schurz Park in the heart of Yorkville. It is within a short walking distance to the 86th Street statin of the 4, 5, and 6 trains and the Second Avenue subway in the near future.
“Highly contested at a sub 3.5% cap rate, this transaction demonstrates the solid fundamentals and assured appreciation found on the Upper East Side,” said Cushman & Wakefield’s Thomas D. Gammino Jr., who exclusively represented the seller in this transaction with Bob Knakal, Chairman, New York Investment Sales. The buyer was represented by John Corrado of Weichert, Realtors – The Franzese Group.