UES Building Hits Market for $29M
A multifamily building at 334 East 79th Street between First and Second Avenues has been listed for $29 million, Commercial Observer has learned.
Cushman & Wakefield has been retained by the building’s owner, The Harbor Group, to sell the eight-story property. The 46-unit building has no rent-regulated apartments and the average rent in the building is $2,772, according to C&W.
“Opportunities to acquire entirely free-market buildings in one of New York City’s most established neighborhoods are extremely rare and highly appealing to both local and foreign buyers,” said C&W’s Robert M. Shapiro, in prepared remarks. Mr. Shapiro, along with C&W’s Thomas D. Gammino, Jr., are exclusively marketing the property.
“The seller has decided to market the asset to capitalize on the very strong demand for multifamily assets in core neighborhoods of Manhattan,” added Mr. Shapiro.
The Harbor Group could not immediately be reached for comment.
The East 79th Street property was once home to the Cherokee Club, a Democratic Party meeting place, according to a New York Times article written in 1976.