Massey Knakal Sells Apartment Building On Upper East Side
A walk-up apartment building at 228 East 75th Street, located between Second and Third Avenues on Manhattan’s Upper East Side, was sold in an all-cash transaction valued at $3,300,000.
The four-story building contains approximately 5,800 square feet and sits on a 20’ x 100.17’ lot, with approximately 3,374 square feet of remaining air rights. It consists of ten residential units, of which eight are one-bedroom units and two are studios. There are nine free market units and one rent stabilized unit, and all are currently occupied. A new boiler was installed in 2001 and a new roof in 2011. The sale price equates to a 4.0% cap rate and approximately $569 per square foot.
This property is conveniently located near all Upper East Side transportation, as well as the future Second Avenue subway.
“With over 60 property tours and over 30 offers it is clear that the appetite for multifamily properties on the Upper East Side is extremely strong. We are thrilled that we were able to achieve full asking price for our client,” said Massey Knakal First Vice President of Sales Guthrie Garvin, who exclusively handled this transaction.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.