Three adjacent walk-up apartment buildings at 427-31 East 73rd Street, located on the north side of East 73rd Street between York and First Avenues on Manhattan’s Upper East Side, were sold in an all-cash transaction valued at $10,900,000.
The three five-story apartment buildings are each 25 feet wide and each sits on a 2,550 square foot lot. Each building is approximately 9,440 square feet and has approximately 760 square feet of additional air rights. In total, there are 56 residential units and one commercial unit. There are 33 rent stabilized units, 20 free market units, two rent controlled units and one super’s unit.
The buildings are located just three blocks away from a future Second Avenue subway stop.
“In just 30 days of marketing we received 18 offers which resulted in the buildings selling for a 5% cap rate. There continues to be extremely high demand for multifamily properties on the Upper East Side,” said Massey Knakal First Vice President of Sales Guthrie Garvin who exclusively handled this transaction.
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Neighborhoods: Upper East Side