322-326 East 82nd Street - Manhattan, NYManhattan, NY GFI Realty Services, LLC has completed the $27 million sale of an Upper East Side apartment building. The five-story walk-up building, located at 322-326 East 82nd St., is comprised of 67 apartments that total 40,320 s/f.
Yisroel Pershin and Barak Jacobov, both of GFI, represented the seller, The Maidman Family, while GFI senior director of investment sales Erik Yankelovich represented the buyer, a French investor. GFI managing director of investment sales Roni Abudi arranged $15.2 million in financing from Investor’s Bank.
“We’ve worked with the buyer several times over the past few years, and this property presented a lot of upside potential due to its prime location on the Upper East Side, along with tax benefits under the city’s J-51 program,” said Yankelovich. “This was yet another opportunity for GFI to showcase our ability to handle all aspects of a deal — from the financing to the sale of a building and everything in between.”
The buyer bought the building as part of a 1031 exchange, as a result of the sale that GFI arranged of 477 3rd St. in the Park Slope section of Brooklyn, which was sold at full asking price. At the Upper East Side apartment building, the buyer plans to renovate several of the residences and will also upgrade the building’s common spaces.
“We were able to successfully execute our strategy, ultimately increasing the value of the buyer’s portfolio through the sale of a 20-unit apartment building, along with the acquisition of a 67-unit apartment property with significant upside,” Yankelovich said.
Located in the Yorkville neighborhood of Manhattan, the building is in close proximity to Gracie Mansion, The Manhattan Chamber of Commerce and Carl Schurz Park.
Sign up is quick, easy, & FREE.