A walk-up building a 111 East 77th Street, located between Lexington and Park Avenues on Manhattan’s Upper East Side, was sold in an all-cash transaction valued at $6,100,000.
The three-story building is approximately 5,300 square feet and sits on a 25’ x 102’ lot. The property is currently configured as a residential duplex above a medical office space. The office space currently occupies the ground floor and the majority of the finished basement. The sale price equates to approximately $1,150 per square foot and $468 per buildable square foot.
“The building was bought by Lennox Hill Hospital, who owns the two adjacent buildings to the East as well as the Hospital across the street. The purchase of this property enables them to add over 13,000 square feet to their potential site by taking advantage of the community facility bonus FAR of 5.1 in Community Board 8 should they ultimately develop,” said Massey Knakal Vice President of Sales Thomas Gammino Jr., who exclusively represented the seller in this transaction.
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Neighborhoods: Upper East Side