Massey Knakal Sells Apartment Building On Upper East Side
A multifamily building at 532 East 83rd Street, located between York and East End Avenuesin Manhattan’s Upper East Side neighborhood, was sold in an all-cash transaction valued at $4,500,000.
The five-story walkup building contains approximately 8,363 square feet and sits on a 25’ x 102’ lot. It consists of 11 residential units, of which ten are free market and one is rent controlled. The unit mix consists of two studios, one one-bedroom, six two-bedroom, and two three-bedroom units with rooftop additions. The sale price equates to 3.9% cap rate, 13.7 gross rent multiplier and approximately $538 per square foot.
“This property offers the buyer the opportunity to enjoy immediate cash flow with a long-term exit strategy of converting it to either a single family or small condo. It attracted attention from both international and domestic investors and users, and was ultimately purchased by a local investor with exchange funds,” said Massey Knakal’s Thomas D. Gammino, Jr., 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.