A multifamily portfolio, consisting of two buildings located at 413 East 78th Street and 328 West 19th Street, was sold in all-cash transactions with an aggregate value of $24,000,000.
The portfolio was owned by D&B Kearney, LLC, since the buildings were constructed in 1970. They consist of 36 residential units totaling approximately 21,190 square feet. Of the 36 units, 31 are free market, five are rent stabilized and one is owner occupied. The sale price equates to approximately $1,132 per square foot.
413 East 78th Street, located between First and York Avenues on Manhattan’s Upper East Side, is a four-story plus basement walk-up building containing approximately 5,280 square feet on a 25’ x 102.17’ lot. The building consists of 12 residential units, of which 10 are free market, two are rent stabilized, and one is owner occupied. Zoned R8B, the property benefits from approximately 4,936 square feet of additional development rights. The property was sold in an all-cash transaction valued at $5,750,000. The transaction was handled exclusively by Cushman & Wakefield’s Brock Emmetsberger and Thomas D. Gammino, Jr.
328 West 19th Street, located between Eighth and Ninth Avenues in Manhattan’s Chelsea neighborhood, is a six-story elevator-serviced building containing approximately 15,910 square feet on a 43.47’ x 92’ lot. It consists of 24 residential units, of which 21 are free market and three are rent stabilized. The unit mix consists of 21 one-bedrooms, two studios, and one, two-bedroom apartment. Additionally, two apartments have garden patios. The property was sold in an all-cash transaction valued at $18,250,000. The transaction was handled exclusively by Cushman & Wakefield’s Brock Emmetsberger.
“With the high metrics we have seen achieved in recent sales including 441 West 22nd Street and 328 West 19th Street, we expect a hot fourth quarter in the Chelsea multifamily sales market,” said Brock Emmetsberger.
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Neighborhoods: Upper East Side, Chelsea/ Agents: Brock Emmetsberger, Thomas Gammino Jr.