New York, NY – May 16, 2018 – Cushman & Wakefield announced today that the firm has arranged the sale of 309 East 92nd Street, a five-story, 8,600-square-foot apartment building located in the Yorkville neighborhood of Manhattan’s Upper East Side. The final closing price was $9.3 million.
A Cushman & Wakefield brokerage team consisting of Executive Managing Directors Robert M. Shapiro, Brendan Maddigan, and Thomas Gammino, along with, Associate Directors Ethan Stanton and Brett Weisblum and Senior Associate Ian Brooks represented the seller, 309 East 92, LLC, in the transaction. The property was purchased by the Legion Investment Group.
“We experienced a huge amount of interest in this very clean, fully renovated ten unit brick Upper East Side building; primarily because the cash flow is terrific,” said Brendan Maddigan.
Brett Weisblum added, “The buyer gained a low maintenance and high grossing asset in an area that is flourishing from the expansion of the 2nd Avenue Subway. It was a great deal for both buyer and seller.”
The 10 unit, free-market apartment building is comprised of nine four-bedroom apartments and one two-bedroom apartment, with an average unit size of 731 square-feet. The building was completely renovated in 2015 and all units are finished to condo quality and contain stainless steel appliances, granite countertops, central head/air and in-unit washer/dryer. The property also offers a newly constructed roof deck and individual basement storage.
“The quality of renovations and configuration of the apartments makes this a highly desirable rental building,” said Ian Brooks. “This will prove to be a very stable asset for the purchasers”
Located between First and Second Avenues, the property is in close proximity to the Second Avenue Q subway stop at Second Avenue and 86th Street, as well as the 6 train at 86th Street and Lexington Avenue.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.