The Real Deal New York

Harbor Group asking $29M for UES rental building

Virginia-based investor paid $20.5M in 2013 for eight-story property
January 26, 2015 03:15PM

Harbor Group International is asking $29 million for an eight-story Upper East Side rental building.

The Virginia-based real estate investment firm has owned the 46-unit property at 334-338 East 79th Street, between First and Second avenues, since 2013, when it paid $20.5 million.  Harbor Group then planned a $1.2 million renovation.

The 27,144-square-foot building, a former home to Democratic Party meeting space the Cherokee Club, offers 52,000 buildable square feet, property records show.

Cushman & Wakefield’s Robert Shapiro and Tom Gammino, Jr., are marketing the property, the New York Observer reported.

“The seller has decided to market the asset to capitalize on the very strong demand for multifamily assets in core neighborhoods of Manhattan,” Shapiro told the newspaper. [NYO]Mark Maurer