Gammino and Weisblum of Cushman & Wakefield handle $7.35 million sale

Manhattan, NY A mixed-use building at 1481 York Ave., located between East 78^th and East 79^th Sts. on the Upper East Side, was sold in an all-cash transaction valued at $7.35 million. The five-story building contains 7,500 s/f and sits on a 25’ x 75’ lot. The unit mix consists of one commercial unit and eight apartments, of which five are free market and three are rent stabilized. The five free market units were delivered vacant. Additionally, there are 11,250 s/f of air rights remaining. The sale price equates to $980 per s/f. “This transaction was a win for both the buyer and seller as the last time this building was sold was 35 years ago. The sales price indicates how strong the market continues to be east of Second Ave. on the Upper East Side,” said Cushman & Wakefield’s Thomas Gammino Jr., who exclusively handled this transaction with Brett Weisblum.