In 2016, a fire tore through a neighboring building and gutted 322 E 93rd St—leaving it vacant, condemned, and barely standing. Most would’ve walked away. But a local developer saw an opportunity. After a full-scale structural rehab and complete interior renovation, the five-story Upper East Side multifamily building sold all-cash to a foreign investor—closing in just 8 days. In a market defined by high interest rates and cautious buyers, this deal showed the kind of resilience that’s hard to ignore.
Upper East Side Multifamily Sale Overview
- Asset Type: Five-story multifamily building
- Location: 322 E 93rd St, Upper East Side, New York, NY 10128
- Original Condition: Fire-damaged, vacant, structurally compromised
- Acquisition & Rehab: Purchased in 2020 by local developer; underwent full gut renovation
- Sale Type: All-cash transaction
- Sale Price: $10,500,000
- Cap Rate: 5.75%
- Price per SF: $1,251
- Year Renovated: 2021
- Closing Timeline: 8 days
- Closing Date: February 28, 2025
- Units: 20
- Condition: Turnkey asset
- Broker: Lev Mavashev, Alpha Realty
Rebuilding a Fire-Damaged Property on the Upper East Side
322 E 93rd St wasn’t just another listing. A 2016–2017 fire in a neighboring building rendered the structure uninhabitable, prompting the DOB to issue a vacate order. The fire caused extensive damage that compromised the building down to the beams and left it vacant for years. In 2020, a local developer acquired the property and took on the substantial challenge of gutting and rebuilding the entire structure.
The renovation went beyond cosmetics. This was a full structural rehabilitation—new mechanicals, systems, and interiors—transforming a condemned shell into a clean, modern asset ready for long-term rental stability.
The full gut renovation finished in 2021, delivering modern systems and high-quality finishes across all 20 units. The building now operates as a 100% free-market multifamily, requiring no further capital improvements.
Foreign Buyer Secures NYC Multifamily Asset in All-Cash Deal
The buyer—a first-time investor from Asia—recognized the value in a turnkey, fully free-market multifamily asset with 20 stabilized units, offering a 5.75% cap rate in one of Manhattan’s most sought-after neighborhoods.
Despite elevated interest rates and below-average cap rates in the submarket, the investor moved quickly, closing in just 8 days with all cash. There were multiple foreign buyers bidding on the property, but the deal was awarded to the buyer with the strongest terms. For a first acquisition in New York City, this move signals deep confidence in the city’s multifamily fundamentals.
Alpha Realty’s Lev Mavashev led the transaction and was instrumental in moving the deal from offer to closing in record time.
“This transaction demonstrates the resilience of New York City’s real estate market, even in an uncertain rate environment,” said Mavashev.
Why Upper East Side Multifamily Still Draws Investor Interest
Even in a volatile economic cycle, the Upper East Side holds lasting appeal. It’s a high-density, high-demand submarket with stable rental performance and low vacancy rates. For long-term investors, fully renovated buildings like 322 E 93rd St offer immediate leasing potential and minimal near-term capital expenses. Add to that its location just blocks from the Q train and close to major healthcare, education, and retail corridors, and the asset becomes even more attractive.
Alpha Realty’s Role in a Rapid NYC Multifamily Transaction
Alpha Realty didn’t just broker the sale—they helped execute a tightly coordinated process under pressure. Their relationships with foreign capital, knowledge of New York’s regulatory environment, and hands-on deal management enabled a seamless close, despite the complexities of a recently rehabbed property.
With this deal, Alpha Realty once again demonstrated its strength in the multifamily investment market—particularly with repositioned assets and international buyers.
Interested in opportunities like this? Contact Alpha Realty for similar turnkey multifamily deals or request a complimentary valuation of your property.