Massey Knakal Sets Multifamily Record With Carnegie Hill Walk-up Sale
An apartment building at 539 East 87th Street, located between York and East End Avenues in Manhattan’s Upper East Side neighborhood, was sold in an all-cash transaction valued at $8,050,000.
The five-story building contains approximately 10,068 square feet and sits on a 25’ x 100.67’ lot. It consists of ten residential units, all Free Market, of which two are garden duplexes and eight are three-bedroom, two-bath. The exterior has been substantially renovated and the interior was gutted and rebuilt. The highlights of each unit include extra high ceilings, oversized solid doors, oak strip flooring, A/C window units, all aluminum kitchen appliances, exposed brick walls, thermopane windows, marble windows sills, countertops, and bathrooms, dental crown molding, recessed lighting, and a washer and dryer. There is an updated security system that feeds throughout the entire building. Each unit has its own boiler and hot water tank located in the basement. The sale price equates to approximately $800 per square foot.
“The $800 price per square foot realized in this transaction set the new high water mark for multifamily walk-ups in the Carnegie Hill area, eclipsing the prior record of $778 per square foot which was set by the sale of 163 East 87th in May 2006,” said Massey Knakal Senior Vice President of Sales 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.