Listing Details
- Space Type
multifamily
- Sub Category
apartments-building
- Date Listed
11/21/2024
Property Specifics
- Property Name
11 East 78th Street
- No of Buildings
1
- No of Stories
6
- No of Units
16
- Building Size
11,750 SF
- Lot Size
2,554 SF
- Zoning
R8B
Highlights
• Strong Rent Growth Potential: 81% of units are free market, offering significant potential for rent increases. There is also an opportunity to capitalize on the high end rental market in a prime Upper East Side location. • Unique Owner-User Opportunity: A three bedroom penthouse is available for personal occupancy by the future owner. This offers the potential for luxury living while generating income from the other units. • Stable Long-Term Investment: Upper East Side real estate has historically shown strong appreciation over time. There is consistent demand for housing in this desirable neighborhood. • Prime Location: The property is located steps from Central Park, as well as popular hotels such as The Mark, The Surrey and The Carlyle, renowned cultural institutions like the Met, and high-end retail shops along Madison Avenue • Convenient Accessibility: Within walking distance to multiple subway lines, including the 4, 5, 6, and Q trains and the M79 bus.
Description
BKREA is exclusively retained to arrange the sale of 11 East 78th Street, a 25-foot-wide elevator building with approximately 11,750 gross square feet and 16 residential units. Located on East 78th Street between Fifth and Madison Avenues on Manhattan's Upper East Side. Steps from Central Park and The Metropolitan Museum of Art, offering residents prime access to attractions. Building includes 16 units: 1 three-bedroom apartment, 8 one-bedroom apartments, and 7 studios. 81% of units are free-market with 3 rent-stabilized units, allowing revenue growth as market rents rise. Suited for a user buyer who may occupy the three-bedroom penthouse, which features a private outdoor space and in-unit washer-dryer. Situated on a quiet Upper East Side block near Central Park and Northwell Hospital. Close to top schools: PS-6, Rudolf Steiner, Dalton, Spence, St. Bernard’s, and Nightingale. Accessible by the 77th Street 6 train, the 83rd Street Q train, and the 86th Street 4, 5, and 6 trains. The immediate area includes renowned dining (Serafina, Sant Ambroeus) and luxury retail (Veronica Beard, Vera Wang, Carolina Herrera). Positioned in a highly desirable neighborhood, the property appeals to investors looking for prime location with user occupancy potential.