Peak Capital Acquires Multifamily Property On Upper East Side For $11.65M

Located in the Upper East Side, the multifamily property at 161 & 163 East 89th Street has been sold in a closed transaction. The sale was facilitated by broker John Florek from Fairview Property Group. The property, consisting of 27 units, offers a total of 19,700 square feet of space. The sale price for this property was $11,650,000, resulting in a price per unit of $431,481 and a price per square foot of $591.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $11,650,000
• Units: 27
• Price per Unit: $431,481
• Square Footage: 19,700
• Price per Square Foot: $591
• Address: 161 & 163 East 89th Street
• Market: Upper East Side

PEAK Capital, represented by Alex Rabin and David Gomez, acted as the buyer in this transaction. The seller, Yuet T Kong, successfully closed the sale with the assistance of broker John Florek from Fairview Property Group.

The transaction involved two contiguous 25-foot buildings, with 26 out of the 27 units currently vacant. It should be noted that this was an off-market purchase from a long-term ownership. Peak Capital, known for its extensive portfolio, closed on 24 properties in 2021 and already has 12 more properties under contract this year, amounting to an aggregate value of $90,000,000. They are actively seeking new opportunities and can quickly and efficiently close deals. For any potential offerings, please reach out to [email protected] and [email protected].