The property offers a rare chance to acquire a predominantly free\u2011market asset in one of Manhattan\u2019s most stable and supply\u2011constrained rental markets. Built in 1910 and spanning approximately 8,120 square feet, the building generates more than $720,000 in effective gross income. Current rents sit an estimated 15 to 20 percent below market levels, creating clear value\u2011add potential through lease turnover and targeted unit upgrades.<\/p>\n
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The property is offered at $8,500,000, representing a 6.25 percent cap rate and 11.8x GRM on current income.\n\t\t<\/p>\n
\u201c518 East 83rd Street gives investors scale on the Upper East Side with immediate cash flow and long\u2011term upside,\u201d said Lev Mavashev<\/a>, Principal of Alpha Realty. \u201cFree\u2011market buildings with this level of rental growth potential are increasingly difficult to find in today\u2019s market.\u201d<\/p>\n The building sits near the Second Avenue Subway and multiple bus lines and is surrounded by major institutional employers including New York\u2011Presbyterian, Weill Cornell Medical Center, and Memorial Sloan Kettering. This concentration supports consistent rental demand and long\u2011term stability.<\/p>\n Investment Highlights<\/p>\n 20 residential units across 8,120 square feet95 percent free\u2011market tenancyMore than $720,000 in effective gross incomeRents estimated 15 to 20 percent below marketOn\u2011site laundry incomeStable tenant baseFavorable R8B zoning for long\u2011term flexibility<\/p>\n Alpha Realty\u2019s investment sales team, led by Lev Mavashev<\/a>, is handling the exclusive marketing of the property.<\/p>\n \ufeff\ufeff\n\t\t<\/p>\n About the company: Alpha Realty is a New York City commercial real estate brokerage specializing in the sale of multifamily and mixed\u2011use properties across Manhattan, Brooklyn, and the surrounding boroughs. The firm advises owners, investors, and developers on acquisitions, dispositions, and long\u2011term value strategies with a focus on market knowledge and hands\u2011on execution.<\/p>\n Contact Info: Release ID: 89195796<\/p>\n In case of identifying any errors, concerns, or inconsistencies within the content shared in this press release that necessitate action or if you require assistance with a press release takedown, we strongly urge you to notify us promptly by contacting error@releasecontact.com (it is important to note that this email is the authorized channel for such matters, sending multiple emails to multiple addresses does not necessarily help expedite your request). Our expert team is committed to addressing your concerns within 8 hours by taking necessary actions diligently to rectify any identified issues or supporting you with the removal process. Delivering accurate and reliable information remains our top priority.<\/p>\n","protected":false},"excerpt":{"rendered":"Alpha Realty secured the exclusive listing for 518 East 83rd Street, a five\u2011story, 20\u2011unit multifamily building in Yorkville.…\n","protected":false},"author":2,"featured_media":274868,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[75,84,83,9,24,63],"class_list":["post-274867","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-manhattan","tag-manhattan-headlines","tag-manhattan-news","tag-new-york","tag-new-york-city","tag-nyc"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/274867","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=274867"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/274867\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/274868"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=274867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=274867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=274867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Name: Lev Mavashev
Email: Send Email<\/a>
Organization: Alpha Realty – Investment-Sales | NYC Multifamily
Address: 164 20th St Suite 3D, Brooklyn, NY 11232
Phone: (212) 658-0955
Website: https:\/\/www.alpharealtyny.com\/<\/a><\/p>\n