Long Island Real Estate Investors Buy UES Apartment Building for $15M [Update]
A group of private investors from Long Island has purchased an Upper East Side residential building at 328 East 78th Street for $15 million.
The sale of the six-story, 28-unit building between First and Second Avenues closed on Aug. 27, according to city property records. A.D. Real Estate Investors will manage the building.
The Long Island-based investors purchased the property from the estate of Gertrude Hirsch, records show. A representative for A.D. Real Estate did not immediately return requests for comment.
Kevin Esh and Eli Scharf of Hakimian Properties represented the buyers in the off-market transaction.
“The majority of the building’s units are free market, and are currently under rented,” Mr. Esh told Commercial Observer. “The buyers also anticipate the rents to continue to grow with the addition of the Second Avenue Subway.”
Clifford Hark of law firm Hark Burkhalter Yon represented the seller. Mr. Hark wasn’t immediately available to speak about the sale.
The building has 16,500 square feet of space and has Chinese restaurant chain Xi’an Famous Foods located in the ground-floor retail space.
A.D. Real Estate, which is also a developer, has completed some multifamily apartment building transactions in Manhattan this year. In March, A.D. Real Estate sold a walk-up building at 167 Mott Street for $17 million, as CO previously reported. Also, the company purchased a portfolio of apartment buildings at 113-117 Elizabeth Street for $26 million, as The Real Deal reported.
Update: This article was updated to include broker information on the deal and the correct information about the buyer.