UES Multifamily Buildings Sell for $11.75M
Tobias Salinger July 29, 2014, 9 a.m.
Two walk-up buildings on the Upper East Side at 1573 and 1575 York Avenue with 18 rental apartment units sold for $11.75 million, Commercial Observer has learned.
The buildings with a combined 15,800 square feet fetched a price that breaks down to roughly $743 per square foot, said the Marcus & Millichap brokers who negotiated the transaction.
“There was a tremendous amount of interest from both developers and multifamily investors for the asset,” said David Lloyd, a member of the team that marketed the property for potential buyers, in a prepared statement. “The overwhelming demand to be on York Avenue exemplifies just how strong the Upper East Side market has become.”
Mr. Lloyd, Peter Von Der Ahe, Joe Koicim and Danny Handweiler of Marcus & Millichap closed the deal on July 14.
The team from Marcus & Millichap declined to disclose the buyer and seller, but a source close to the negotiations said Caryl York Realty Corp. sold the building to S.W. Management Acquisitions.