$5M for Upper East Side Apartments

An investor paid $5.3 million for a five-story apartment building on the Upper East Side.

“We achieved a record price per square foot for an Upper East Side vacant building,” said Shay Zach, associate broker for EPIC Commercial Realty, which represented the seller. “This building got a lot of attention; we had over 40 people interested in it, with multiple offers.”

The undisclosed buyers plans to continue to operate the property as an apartment building, though it could be converted to a single-family mansion. All of the the large, studio apartments in the building were delivered vacant.

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