409-413 East 84th Street

JLL has been retained on an exclusive basis to arrange for the sale of 409-413 East 84th Street (the “Property), two contiguous, 6-story, walk-up buildings located on the north side of East 84th Street between York and First Avenues. Featuring 75’ of frontage on East 84th Street in the heart of the Upper East Side, the Property is configured as 48 total apartments across 31,152 gross square feet. The Property presents a value-add opportunity for investors via light upgrades to the units and common areas, which will drive rent growth as rising NYC rents continue to push north into the UES from Downtown Manhattan and Brooklyn.

Of the Property’s 48 apartments, 71% of the units are leasing at market, of which 60% are Free Market and 11% are RS-MKT. The Free Market apartments are configured as 13 2-beds, 15 3-beds and 1 duplex, catering to the neighborhood demographic of young professionals and share-style apartments. Located in a neighborhood defined by strong rental dynamics and little to no vacancy (1.8% vacancy rate), the Property’s unit layouts and demographics present a strong hedge against Good Cause Eviction.