An apartment building at 229 East 67th Street, located between Second and Third Avenues in Manhattan’s Upper East Side neighborhood, was sold in an all-cash transaction valued at $6,426,000.
The five-story building contains approximately 13,770 square feet and sits on a 25’ x 100’ lot. It consists of 22 residential units, of which five are rent stabilized and one is used as a super’s unit. The sale price equates to approximately $467 per square foot.
“With the lack of investment property available on the market, it was not surprising that we received a tremendous amount of interest for this property. The final price achieved equates to a sub 4% cap rate for this well located asset,” said Massey Knakal’s Guthrie Garvin, who exclusively handled this transaction with CEO Paul J. Massey, Jr.
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Neighborhoods: Upper East Side/ Agents: Paul Massey Jr.