Empire State Realty Trust Acquires Multifamily Property On Upper East Side For $307M

The multifamily property located at 561 10th Avenue and 345 East 94th Street in the Upper East Side has been sold in a closed transaction. The sale was made by Fetner Properties, represented by Hal Fetner, to Empire State Realty Trust, represented by Tony Malkin. The transaction was facilitated by Evan Layne, Brett Siegel, and Jean Celestin of Newmark. The property spans a total of 574,912 square feet and was sold for a price of $307,000,000, resulting in a price per square foot of $533. Additionally, the property consists of 625 units, with a price per unit of $491,200.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $307,000,000
• Address: 561 10th Avenue & 345 East 94th Street
• Market: Upper East Side

In this deal, Empire State Realty Trust, led by Tony Malkin, successfully acquired the multifamily property from Fetner Properties, represented by Hal Fetner. The transaction was facilitated by Evan Layne, Brett Siegel, and Jean Celestin, who worked on behalf of the buying and selling parties. This significant transaction highlights the robust real estate market in the Upper East Side and showcases the expertise and effectiveness of the brokers involved.