266 E 78th Street, New York, NY 10075

Upper East Side, New York, New York 10075

$27,250,000  

Listing ID Number

25105

Property Description

Cushman & Wakefield was retained on an exclusive basis to arrange for the sale of 266 East 78th Street, a 28,823 gross square foot mixed-use high-rise building situated in one of the city’s strongest residential submarkets. The subject property is 33’ wide and stands 18 stories tall, offering sweeping views from many of the residential units.

The building features a commercial unit that encompasses the ground floor and basement as well as 16 market rate residential units with ample outdoor space. The commercial unit is occupied by TLB Music, a children’s music studio, and currently pays $72 per square foot with a lease that expires in 2023. The spacious full floor residential units are achieving only $49 per square foot on average, a figure that is significantly below market and provides investors with the ability to immediately renovate and capitalize on strong market fundamentals. Furthermore, the generously sized apartments, which includes 1 one-bedroom, 14 two-bedrooms (8 of which are 847 square feet and six of which are 1,491 square feet), as well as a 2,330 square foot duplex three-bedroom unit, can potentially be redesigned to maximize bedroom counts where possible in order to push rents even further. Due to the large unit sizes and individual unit per floor configuration a condominium conversion strategy could also be implemented in the future.

The Upper East Side is a vibrant residential community that offers residents an abundant selection of fine dining, shopping, culture and educational institutions. The vast transportation network provides convenient access throughout New York City with the 6 train at 77th Street and Lexington Avenue just 2 blocks away as well as the 2nd Avenue Subway Q 5 blocks south at 72nd Street. 266 East 78th Street presents an excellent opportunity to for investors and users to acquire an entirely market rate building in one of Manhattan’s most fundamentally sound housing markets with significant near and long term upside.

Overview

Building Type:Apartment Buildings, Development/Conversion Sites

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Thomas D. Gammino Jr.
Executive Managing Director
(212) 660 7727
tom.gammino@cushwake.com

Brett Weisblum
Director
(212) 660 7784
brett.weisblum@cushwake.com

Hunter L. Moss
Director
(212) 589 5136
hunter.moss@cushwake.com


Property Images

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Property Map


Aerial View


The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.