Harbor Group International, LLC (HGI) announced today that affiliates of the company have acquired a 46-unit residence on Manhattan’s Upper East Side at 334-338 East 79th Street, between First and Second Avenues, for $20.5 million.
“The property is located in one of Manhattan’s most desirable neighborhoods,” said Jordan E. Slone, chairman & CEO of HGI. “We believe our planned $1.2 million in renovations along with increased operating efficiencies will provide the best possible value to our investors.”
HGI’s planned renovations at the property include upgrading kitchen, bath and living area finishes, as well as other capital improvements.
Built in 1977, the six-story, mid-rise elevator building has 46 market-rate units. It features various floor plans with an average size of 598 square feet.
Located on the south side of the street, the property has convenient access to transportation, including a central stop on the Second Avenue subway in the near future, and is near Carl Schurz Park.