Upper East Side Building Up For Grabs

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225 east 82nd street Upper East Side Building Up For Grabs
Movin' on up? Don't even think about negotiating the price on this $7.5 million Upper East Side property.

A seven-story, 27-unit elevator apartment building on the Upper East Side hit the market today at $7.5 million.

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Azita Aghravi and Eric Weinberg of Eastern Consolidated are the exclusive brokers for 225 E. 82nd Street, a residence between Second and Third avenues, with 19 market-rate and eight rent-stabilized apartments.

Is the pricing negotiable? Not exactly. “I’m sure there is a little bit of room,” said Ms. Aghravi. “But the seller knows the market—it’s not going to be that negotiable.”

The ownership, a private family who owns several properties in Manhattan recently undertook a number of capital improvements, including roof refurbishment, construction of a new parapet, and modernization of the elevator, but did not pass on the costs to tenants in the form of a rental increase, brokers said.

As such, a new owner would have the opportunity to recoup those costs through incremental rental rate increases. The Yorkville address offers 21 studios and six one-bedroom units.