Harbor Group Sell UES Apartment Building for $26M


California-based Hawkins Way Capital purchased an eight-story apartment building at 334-338 East 79th Street from Harbor Group International for $26 million.  

SEE ALSO: ABJ Properties Completes $65M Deal for 15-Building Bronx Portfolio

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