Harbor Group Sell UES Apartment Building for $26M
By Liam La Guerre September 10, 2015 4:02 pm
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California-based Hawkins Way Capital purchased an eight-story apartment building at 334-338 East 79th Street from Harbor Group International for $26 million.
The 27,124-square-foot Upper East Side building between First and Second Avenues consists of 46 units, 31 of which are two-bedroom apartments.
The property has no rent-regulated apartments and the average rent is $2,772. It is 96 percent occupied, according to a Harbor Group news release. The deal for the building closed on Aug. 31, according to property records released today.
Cushman & Wakefield’s Thomas Gammino and Robert Shapiro were the sole brokers on the transaction.
“This was a unique opportunity to acquire an easily managed asset along the East 79th Street corridor which has been undergoing a renaissance due to new development projects by Skyline Development, Anbau, and The Brodsky Organization as well as the nearly complete Second Avenue subway,” Mr. Gammino said in prepared remarks.
A representative from Hawkins Way Capital did not immediately return requests for comment on the deal. C&W began marketing the building for $29 million in January, as Commercial Observer reported at that time.
Harbor Group purchased the East 79th Street property in July 2013 for $20.5 million. It was the Harbor Group’s first multifamily property purchase in New York City. Over the years, the company invested $1.2 million for renovations of the property.
The East 79th Street building was once home to the Cherokee Club, a Democratic Party clubhouse, according to The New York Times.
