Peak Capital Sells Upper East Side Mixed-Use Building for $23M

David Gomez  and Alex Rabin of Peak Capital Real Estate have sold an Upper East Side mixed-use building.

The firm offloaded 308 East 78th Street to an unlikely buyer in Japanese staircase fabricator Yokomori Manufacturing Company, which paid $22.8 million for the six-story residential building with a restaurant on the ground floor, according to property records.

The restaurant space is currently leased to Heidi’s House by the Side of the Road and its affiliated adjacent bar Ed’s Elbow Room.

Peak did not immediately respond to a request for comment while Yokomori, which does not appear to have any operations stateside apart from an industrial site in Louisville, Ky., could not be reached for comment.

The deal closed in late October but appeared in property records late Tuesday afternoon.

But Peak will walk away with a profit after buying the property only in January 2025 for $14.8 million from Abram Orwasher’s Arsalou Realty, according to the last deed transfer on file.

The sale to Yokomori comes as investors seem to be taking an increased interest in the Upper East Side.

Roger Equities acquired a movie theater site at 1001 Third Avenue for $41 million with $37 million in financing for redevelopment, Commercial Observer reported on Tuesday.

In late October, a joint venture between Grand Cru Real Estate and Visabe secured $52.5 million of construction financing for a 28-unit condominium project at 1527 York Avenue.

Both of the recent financings came from S3 Capital.

Mark Hallum can be reached at mhallum@commercialobserver.com.