Cushman & Wakefield Sells Elevator Apartment Building on the Upper East Side
An elevator apartment building at 334 East 79th Street, located between First and Second Avenues on Manhattan’s Upper East Side, was sold in an all-cash transaction valued at $25,500,000. The seller of the property is an affiliate of Harbor Group International, LLC.
The eight-story elevator-serviced building contains approximately 27,124 square feet and sits on a 51’ x 102.17’ lot. Entirely free market, it consists of 46 units of which four are studios, seven are one-bedroom, 31 are two-bedroom, two are three-bedroom and two are four-bedroom apartments, with one unit being occupied by the super. The sale price equates to approximately $940 per square foot.
The Upper East Side is one of Manhattan’s most dynamic and sought after neighborhoods, offering a variety of world class shopping, dining, and entertainment opportunities all while providing quick and easy access to the rest of the city. Public transportation is easily accessible via the 4, 5, 6 trains at 77th or 86th Streets and Lexington Avenue and the numerous bus lines which service the area. Additionally, the first phase of the Second Avenue subway is scheduled to be completed in December of 2016 and will feature new subway stations located at 72nd, 86th and 96th Streets increasing residential and retail growth in the neighborhood.
"Opportunities to acquire entirely free market buildings in one of New York City’s most established neighborhoods are extremely rare and highly appealing to both local and foreign buyers," said Cushman & Wakefield’s Robert M. Shapiro, who exclusively handled this transaction with Thomas D. Gammino, Jr. “This was a unique opportunity to acquire an easily managed asset along the East 79th Street corridor which has been undergoing a renaissance due to new development projects by Skyline Development, Anbau, and The Brodsky Organization as well as the nearly complete Second Avenue subway,” added Gammino.