A mixed-use building at 1481 York Avenue, located between East 78th and East 79th Streets on Manhattan’s Upper East Side, was sold in an all-cash transaction valued at $7,350,000.
The five-story building contains approximately 7,500 square feet and sits on a 25’ x 75’ lot. The unit mix consists of one commercial unit and eight apartments, of which five are free market and three are rent stabilized. The five free market units were delivered vacant. Additionally, there are approximately 11,250 square feet of air rights remaining. The sale price equates to approximately $980 per square foot.
“This transaction was a win for both the buyer and seller as the last time this building was sold was 35 years ago. The sales price indicates how strong the market continues to be east of Second Avenue on the Upper East Side,” said Cushman & Wakefield’s Thomas D. Gammino Jr., who exclusively handled this transaction with Brett Weisblum.
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Neighborhoods: Upper East Side