Highlights
• Prime luxury redevelopment site just off Madison Avenue • Suitable for condo development, single-family townhouse, or boutique hotel conversion • Existing elevator building featuring a spacious penthouse and private backyard • Exceptional location near Central Park and Museum Mile
Description
Marcus & Millichap is exclusively representing the sale of 49 East 78th Street, a historic elevator apartment building situated between Park and Madison Avenues in the Upper East Side Historic District. The property features 25 feet of street frontage and is built 25 by 84 feet on a 25 by 102 foot R8B/LH-1A-zoned lot, with no additional development rights. Its layout includes two office spaces across the cellar, mezzanine, and ground floors, currently occupied by medical tenants, while the upper floors consist of seven free-market one-bedroom apartments and a duplex owner’s unit that will be delivered vacant. This offering presents a rare opportunity to acquire a prime Upper East Side property just steps from Madison Avenue and one block from Central Park, an area known for strong rental demand driven by its historic character, cultural and architectural charm, and luxury retail presence. With limited apartment availability and steady value retention, the location further benefits from proximity to high-end boutiques, acclaimed restaurants, cultural landmarks, and convenient transit access, including the 77th Street subway station (6 train) and several bus lines.
Listing Details
- Cap Rate
5.78%
- Tenancy
Multi
- Space Type
Multifamily
- Sub Category
Apartments Building
- Sale Type
Investment Sale
- Date Listed
9/4/2025
- Net Operating Income
$109,518
Property Specifics
- Property Name
49 East 78th Street
- Property Class
D
- No of Buildings
1
- No of Stories
5
- No of Units
10
- Year Built
1910
- Building Size
12,100 SF
- Lot Size
2,554 SF
- Zoning
R8B/LH-1A