226 E 83rd St, New York, NY 10028312 E 84th St, New York, NY 10028
226 East 83rd Street & 312-314 East 84th Street
Asset ClassMixed Use
Overview
The New York Multifamily team is pleased to exclusively offer for sale 312-314 East 84th Street and 226 East 83rd Street, a three-building mixed-use portfolio located in the Yorkville neighborhood of the Upper East Side. 312-314 East 84th Street sits on the South side of East 84th Street between First and Second Avenues, and 226 East 83rd Street sits on the South side of East 83rd Street between Second and Third Avenues. Together, the three buildings contain 58 residential units, 3 commercial units, and approximately 37,333 square feet of gross building area, offered at $663 per square foot. The portfolio is zoned R8B, Tax Class 2,and is offered as a single transaction.
Investment Highlights
- Building Overview: The portfolio includes three multifamily and mixed-use walkup buildings across two of Yorkville's mostsought-after residential blocks. 312-314 East 84th Street is a purely residential 30-unit building. 226 East 83rd Street is a 31-unit mixed-use building with three street-level retail tenants. The combined residential unit mix consists of 3 studios, 4 one-bedrooms,50 two-bedrooms, and 1 three-bedroom garden apartment. Of the 58 residential units, 46 are free market, 11 are rent-stabilized, and 1 is rent controlled.
- Strong In-Place Commercial Income: 226 East 83rd Street features three occupied ground-floor retail spaces generating $13,672 per month in contractual income. The tenants are George Dimov DBA Cafe Bleriot, Angel X's Cleaners, Inc., and Copyland Center Inc. All three are on existing leases with terms extending through 2028 and 2029.
- Free Market Majority with Significant Rent Growth: With 46 of 58 residential units being free market, a buyer acquires a rentroll that is overwhelmingly free of regulatory constraints. Free market two-bedrooms across the portfolio are currently averaging well below the $4,000 per month market rate, representing immediate mark-to-market upside through lease renewals and lightunit renovations. The rent-stabilized units are similarly below market and will benefit from annual RGB increases going forward.
- Economies of Scale: At 61 total units across three buildings, the portfolio allows a buyer to deploy meaningful capital in asingle transaction while capturing operational efficiencies across a common ownership footprint. Centralizing management andmaintenance across three buildings on adjacent blocks drives per-unit costs meaningfully lower than one-off acquisitions and establishes an immediate anchor presence in one of Manhattan's most enduring rental submarkets.
- Desirable Location: The portfolio occupies two blocks in the heart of Yorkville, one of the Upper East Side's most established and consistently in-demand rental neighborhoods. Both streets sit within blocks of Carl Schurz Park and the East River Esplanade, offering residents scenic waterfront access rarely found this close to Midtown. The immediate area features a deep concentration of dining, retail, and fitness options, including neighborhood staples along Second and Third Avenues. Commuters are well-served by the 4, 5, 6, and Q subway lines at 86th Street, as well as multiple crosstown and north-south bus routes, providing seamless connectivity across the city.
226 E 83rd StNew York, NY 10028226 E 83rd St, New York, NY 10028312 E 84th St, New York, NY 10028
Sales Team
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