A mixed-use building at 1479 York Avenue, located between East 78th and East 79th Streets in the Yorkville neighborhood of Manhattan’s Upper East Side, was sold in an all-cash transaction valued at $7,000,000.
The five-story building contains approximately 7,500 square feet and sits on a 25’ x 75’ lot. It consists of a ground floor restaurant and nine residential units, of which seven are free market, one is rent stabilized, and one is rent controlled. Additionally, the property holds remaining development rights. The sale price equates to approximately $933 per square foot.
The property is poised to benefit from the completion of the Second Avenue subway and there is upside in both the commercial and residential rents.
“This was a great transaction for both buyer and seller as the last time this building traded hands was over 40 years ago. The building was delivered mostly vacant and the sale signifies the bullish position investors have for the Upper East Side east of Second Avenue,” said Cushman & Wakefield’s Thomas D. Gammino, Jr., who exclusively handled this transaction with Brett Weisblum.
Neighborhoods: Upper East Side