Two five-story elevator apartment buildings at 530 and 534 East 88th Street, located on the south side of East 88th Street between York and East End Avenues on Manhattan’s Upper East Side, were sold in an all cash transaction valued at $15,000,000.
Combined, the properties feature 150 feet of frontage, seventy-three residential units and approximately 57,000 gross square feet. The unit breakdown consists of nineteen studios, twenty-eight one-bedroom units, and twenty-six two-bedroom units. Of the seventy-two units, forty-six are free market, eighteen are rent stabilized and nine are rent controlled. The sale price equates to $264 per square foot. More impressively, the cap rate on this transaction was just under 4%.
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Neighborhoods: Upper East Side