334 East 79th Street

334 E 79th Street
334
EAST 79th STREET
EXCELLENT
UPPER EAST SIDE LOCATION
100%
FREE MARKET APARTMENTS
CONDOMINIUM
CONVERSION POTENTIAL
CLOSE PROXIMIT Y TO
4, 5 & 6 TRAINS
PENDING 2ND AVE SUBWAY
For fur ther information or inspection,

please contact Exclusive Agents:
ROBERT M. SHAPIRO
Executive Vice President
212.660.7717
robert.shapiro@cushwake.com
B R E T T W E I S B LU M
Associate Director
212.660.7784
brett.weisblum@cushwake.com
D A N I E L P. M AU R E R
Associate Director
212.660.7732
daniel.maurer@cushwake.com
T H O M A S D. G A M M I N O
212.660.7727
tom.gammino@cushwake.com
LO U I S M A R C H E T TA
Associate
212.589.5143
louis.marchetta@cushwake.com
R E C E N T LY R E D U C E D
ASKING PRICE:
$27,500,000
IAN BROOKS
Associate
212.589.5107
ian.brooks@cushwake.com
TH
SE
CO
ND
AV
IR
334
EAST 79 TH
STREET
RS
T A
VE
S
T
AV
RK
YO
FI
AV
CONTENTS
1
EXECUTIVE SUMMARY
4
5
RENT ROLL & EXPENSES
PROPERT Y PHOTOS
11
FLOOR PLANS
24
DUE DILIGENCE
34
NEIGHBORHOOD DESCRIPTION
CONTENTS
PROPERTY SPECIFICS
Introduction
Massey Knakal Realty Services is pleased to announce that it has been retained on an exclusive
EXECUTIVE SUMMARY
basis to arrange for the sale of 334 East 79th Street on the Upper East Side. This 8 story 46 (including
supers) unit elevator building is entirely free market and offers future ownership the unparalleled
opportunity to capitalize on the surging rental and/or condominium markets in one of Manhattans
most established neighborhoods.
Property Description
Investment Highlights
The building is comprised of 4 studio, 5 one-bed/
- 100% Free Market
one-bath, 2 one-bed/two-bath, 18 two-bed/
- Established residential rental market
one-bath, 13 two-bed/two-bath, 1 three-bed/
- Condominium Conversion
one-bath, 1 three-bed/two-bath, and 2 four-bed/

one-bath apartments totaling for approximately
- Close by Hunter College
29,363 gross square feet. Currently, the
- Close proximity to public transportation
apartments are renting at $61.62 per net square
- Near pending 2nd Avenue subway
foot in a market that continues to increase. The

building is broom swept and has been well
maintained. The lobby was recently updated. The current ownership is in the process of replacing
portions of the roof and the boiler currently burns number #2 oil.
The Location
The Upper East Side is one of Manhattans most dynamic and sought after neighborhoods offering
its patrons a variety of world class shopping, dining and entertainment opportunities all the while
providing quick and easy access to the rest of the city. Public transportation is easily accessible via
the 4, 5, 6 trains at 77th or 86th Streets and Lexington Avenue and the numerous bus lines which
service the area.
Additionally, the property will greatly benefit from the completion of the Second Avenue Subway
Line. Upon completion of the project there will be 16 new stations constructed with the new
subway line running along Second Avenue from 125th Street to the Financial District in Lower
Manhattan. This line will provide much needed connections to existing tracks that service Midtown
West and Brooklyn. Under the current plan, the project is being constructed in four phases. Phase
One will include tunnels from 105th Street and Second
Avenue to 63rd Street and Third Avenue, with new stations
along Second Avenue at 96th, 86th and 72nd Streets and
new entrances to the existing Lexington Av/63rd Street
Station at 63rd Street and Third Avenue. Phase One is
currently scheduled for completion in 2016.
Financial Metrics
Asking Price:
$27,500,000
Cap Rate:
3.5%
GRM:
18x
Price Per Unit:

Price Per SF:
$611,111
$937
The Rental Market

The property offers investors the opportunity to establish a presence within one of Manhattans
1
most dynamic and sought after neighborhoods. The New York City rental market is arguably the
strongest in the nation, as there is limited housing supply and a continuously growing population.
According to the 2013 Census Bureau; New York Citys population has risen approximately 3.9% since
2000, to approximately 8.3M, and is projected to grow by an additional 5% to 8.7M in 2020 and to 9.1M
historical vacancy rates to remain low. These fundamentals make investing in New York City multifamily
properties attractive to both foreign and domestic investors.
According to the third quarter 2014 Citi-Habits Residential Market Report the New York City vacancy rate
is currently 1.37%. The vacancy rates within the submarket of the Upper East Side is lower at 1.27%. In
addition, the average rent per square foot in Manhattan was up 4.2% compared to 2012, illustrating that
owners are continuing to achieve top line revenue growth.
The Condo Market
The Manhattan residential sales market in the second quarter of 2014 continued to perform at peak
pre-2008 levels. According to Corcorans Q2 2014 sales report, there were 3,781 total recorded sales in
Manhattan, an 11% increase from last quarter
and 10% above the past five-year average. The
number of contracts signed, a more immediate
market metric, was 3,593, up 11% from last
quarter, and 23% above the past five-year
average. Manhattans average price increased
20% up to $1.69 million and price per square foot
was up 15% to $1,286, both setting new record
highs. The strength of the market is attributable to
historically-low inventory levels that, while slowly
increasing, continue to significantly lag demand.
The new development market showed the most
robust price growth in the second quarter. Since last year, the average price per unit and price per
square foot increased 63% and 31%, respectively.
The Process
All potential investors who have received the full marketing procure and provided an initial pricing
indication as well as proof of funds will be able to inspect the properties. Please provide a minimum
of 2 days notice when arranging property inspections. A MKRS representative must be present when
inspecting the properties, and we advise you to not attempt to inspect the property on your own. Please
contact one of our exclusive agents outlined in this brochure if you would like to arrange an inspection
or have additional questions.
334 East 79th Street
EXECUTIVE SUMMARY
by 2030. This means that the demand for housing will remain strong, propelling rents to grow and
EXECUTIVE SUMMARY
Guggenheim Museum
Under Construction
Sched. Open 12/2016
Under Construction
Sched. Open 12/2016
Gracie Mansion
The Metropolitan Museum of Art
Under Construction
Sched. Open 12/2016
PROPERTY INFORMATION
The subject property is located on the south side of East 79th Street
between First and Second Avenues.
Ad d re s s :
Block:
1453
Lo t :
35
Lo t S i ze :
51 x 102.17
Lo t Are a :
5,210
Sto r i e s :
B u i l d i n g S i ze :
51 x 71.5
G ro s s S q u a re Fo o t a g e :
29,363 (approx.)
R e s i d e nt i a l U n i t s :
46 (with supers unit)
Ave ra g e R e s. U n i t S i ze :
578 (approx.)
Zo n i n g / FA R :
R10A / Residential 10.0
Ai r R i g ht s :
None
As s e s s m e nt ( 1 5 / 1 6 ) :
$2,388,600
Ab ate m e nt / E xe m p t i o n :
$-
Ta xe s ( 1 5 / 1 6 ) :
$307,055
Average Rent
UNIT SIZE BREAKDOWN

Studio:
9%
$1,273
1 Bedroom / 1 Bathroom:
11%
$2,370
4%
$2,675
18
39%
$2,884
13
28%
$2,890
2%
$3,200
2%
$4,075
4%
$3,750
Total
46
LEASE STATUS BREAKDOWN

Free Market:
45
98%
Super:
2%
Average Rent
Total Rent
% Rent
$2,820
$126,912
100%
3b2b, 1, 2%
Studio, 4, 9%
1b1b, 5, 11%
3b1b, 1, 2%
4b2b, 2, 4%
Unit Mix:
1b2b, 2, 5%
2b2b, 13, 28%
PROPERTY SPECIFICS
Location:
2b1b, 18, 39%

UNIT
STATUS
BEDROOMS
SF (3)
TYPE
EXPIRATION
RPSF
LLA
FM
Studio (2)
352
Mezz
SUPER
$-
$-
LLB
FM
Studio (2)
343
Mezz
7/31/2015
$45
$1,300
LLC
FM
Studio (2)
362
Mezz
7/31/2015
$68
$2,043
FM
1b1b (2)
432
Mezz
1/31/2016
$49
$1,750
LLE (1)
FM
Studio (2)
371
Mezz
1/31/2016
$57
$1,750
1A
FM
2b1b
545
Duplex
5/31/2015
$59
$2,700
1B
FM
2b1b
713
Duplex
4/30/2016
$52
$3,100
1C
FM
2b2b
505
Duplex
6/15/2015
$68
$2,850
1D
FM
2b2b
498
Duplex
9/30/2015
$58
$2,400
1E
FM
2b2b
505
Duplex
1/31/2016
$62
$2,600
1F
FM
2b2b
506
Duplex
8/31/2015
$57
$2,400
3A
FM
2b1b
506
Duplex
8/31/2015
$66
$2,800
3B
FM
4b2b
829
Duplex
3/31/2016
$58
$4,000
LLD (1)
RENT
3C
FM
2b1b
520
Duplex
5/31/2015
$69
$3,000
3D
FM
2b1b
506
Duplex
8/31/2015
$68
$2,850
3E
FM
2b1b
517
Duplex
5/31/2015
$58
$2,500
3F
FM
2b1b
521
Duplex
3/31/2016
$67
$2,900
FM
3b2b
559
Triplex
10/31/2015
$87
$4,075
3G
4A
FM
2b1b
568
Duplex
3/31/2016
$53
$2,525
4B
FM
3b1b
756
Duplex
9/30/2015
$51
$3,200
4C
FM
2b2b
485
Duplex
7/31/2015
$64
$2,575
4D
FM
1b1b (2)
478
Duplex
3/31/2016
$60
$2,400
4E
FM
2b2b
463
Duplex
5/31/2015
$71
$2,750
$2,900
4F
FM
2b2b
462
Duplex
9/30/2015
$75
4G
FM
2b2b
495
Duplex
12/31/2015
$74
$3,050
6A
FM
2b1b
567
Duplex
7/31/2015
$61
$2,900
6B
FM
1b1b
953
Duplex
3/31/2016
$44
$3,500
6C
FM
2b1b
520
Duplex
7/31/2015
$66
$2,850
6D
FM
2b1b
539
Duplex
7/31/2015
$67
$3,000
6E
FM
2b1b
525
Duplex
10/31/2015
$57
$2,500
6F
FM
2b1b
516
Duplex
6/30/2015
$67
$2,900
6G
FM
2b1b
524
Duplex
6/30/2015
$72
$3,145
$3,000
7A
FM
2b2b
572
Duplex
4/30/2016
$63
7B
FM
2b2b (2)
801
Duplex
VACANT
$60
$4,000
7C
FM
1b2b (2)
536
Duplex
8/31/2015
$56
$2,500
7D
FM
2b2b
475
Duplex
6/30/2015
$76
$3,000
FM
1b2b (2)
470
Duplex
10/31/2015
$73
$2,850
7E
7F
FM
2b2b
466
Duplex
8/31/2015
$75
$2,900
7G
FM
2b2b
512
Duplex
VACANT
$74
$3,150
PHA
FM
1b1b
451
Mezz
5/31/2015
$53
$2,000
PHB
FM
2b1b
603
Mezz
6/15/2015
$62
$3,100
PHC
FM
2b1b
591
Duplex
8/14/2015
$65
$3,200
PHD
FM
2b1b
551
Duplex
9/30/2015
$63
$2,900
PHE
FM
2b1b
559
Duplex
8/31/2015
$65
$3,050
PHF
FM
1b1b (2)
562
Duplex
7/31/2015
$58
$2,700
FM
1b1b (2)
589
Duplex
VACANT
$61
$3,000
PHG
$350
LNDRY
TOTAL RESIDENTIAL REVENUE:
MONTHLY RESIDENTIAL REVENUE:
GROSS ANNUAL REVENUE:
AVERAGE RENT PER NET SQUARE FOOT:
$61.62
AVERAGE MONTHLY RENT PER UNIT:
$2,820
(1) Combined units & currently being used as a gym

(2) Indicates an additional bedroom could be added by splitting the living room in half
(3) Individual apartment square footage is approximate
$126,912
$1,522,947
334 EAST 79TH STREET GROSS ANNUAL REVENUE

$126,912
Gross Annual Revenue:
$1,522,947
ESTIMATED EXPENSES
$307,055
Real Estate Taxes (14/15):
$45,688
Vacancy and Credit Loss:
3%
Water and Sewer:
Actual Aug 13 - Aug 14
$29,586
Insurance:
$400 /Unit
$18,000
Fuel:
Electric:
$0.25 / Square foot
$7,341
Repairs & Maintenance:
$550 / Unit
$24,750
Elevator:
Payroll:
Management:
$45,652
Actual
$6,000 / Elevator
$6,000
$2,000 / Month
$24,000
$44,318
3%
Total Expenses:
$552,390
Expenses Per Unit:
$12,275
$1,522,947
Gross Annual Revenue:

Less Expenses:
$552,390
Net Operating Income:
$970,557
Average Rent Per Unit

$4,500
$4,000
$4,075
$3,750
$3,500
$3,000
$3,200
$2,500
$2,675
$2,884
$2,890
2b1b
2b2b
$2,370
$2,000
$1,500
$1,000
$1,273
$500
$-
Studio
1b1b
1b2b
3b1b
3b2b
4b2b
Gross Monthly Revenue:
PROPERTY PHOTOS
Lobby
Typical Unit
PROPERTY PHOTOS
Typical Unit
Typical Unit
PROPERTY PHOTOS
Typical Unit
Typical Unit
PROPERTY PHOTOS
Laundry Room
Elevator
Hallway
10
PROPERTY PHOTOS
LOWER LEVEL - GROSS AREA 3,674
11
LLA
LLB
LLE
LLD
LLC
FIRST FLOOR - GROSS AREA 3,686
1F
1C
1B
1E
1D
PROPERTY PHOTOS
1A
12
FIRST FLOOR MEZZ - GROSS AREA 1,355
1B
PROPERTY PHOTOS
1A
13
3G
1F
1E
1C
1D
THIRD FLOOR - GROSS AREA 3,671
3B
3G
3F
3E
3C
3D
PROPERTY PHOTOS
3A
14
PROPERTY PHOTOS
THIRD FLOOR MEZZ - GROSS AREA 1,205
15
3B
3A
3F
3G
3E
3C
3D
FOURTH FLOOR - GROSS AREA 3,671
4G
4C
4B
4F
4E
4D
PROPERTY PHOTOS
4A
16
PROPERTY PHOTOS
FOURTH FLOOR MEZZ - GROSS AREA 1,236
17
4A
4B
4G
4F
4C
4E
4D
SIXTH FLOOR - GROSS AREA 3,671
6G
6B
6F
6E
6C
6D
PROPERTY PHOTOS
6A
18
PROPERTY PHOTOS
SIXTH FLOOR MEZZ - GROSS AREA 1,280
19
6A
6G
6B
6F
6C
6E
6D
SEVENTH FLOOR - GROSS AREA 3,671
7G
7B
7F
7E
7C
7D
PROPERTY PHOTOS
7A
20
PROPERTY PHOTOS
SEVENTH FLOOR MEZZ - GROSS AREA 1,219
21
7A
7G
7B
7F
7E
7C
7D
PENTHOUSE - GROSS AREA 3,671
PHG
PHB
PHF
PHE
PHC
PHD
PROPERTY PHOTOS
PHA
22
PENTHOUSE MEZZ - GROSS AREA 1,027
PROPERTY PHOTOS
PHC
23
PHG
PHF
PHE
PHD
PROPERTY PHOTOS
24
DUE DILIGENCE
N OT I C E O F P R O P E R T Y VA LU E
25
WAT E R B I L L
DUE DILIGENCE
Additional Water Bills Available Upon Request
26
DUE DILIGENCE
DOB OVERVIEW
27
D O B ( E C B ) V I O L AT I O N S
DUE DILIGENCE
28
DUE DILIGENCE
HPD OVERVIEW
29
C E R T I F I C AT E O F O C C U PA N C Y
DUE DILIGENCE
30
DUE DILIGENCE
ICARD
Full Icard, Certificate of Occupancy and DHCR Rent Roll and Dockets
Available Upon Request
31
TRANSPORTATION MAPS
32
Second Avenue Subway
TRANSPORTATION MAPS
(Phase I completed 2016)
33
334 East
79th Street
Second Avenue Subway

Upon completion of the project there will be 16 new stations constructed with the new
subway line running along Second Avenue from 125th Street to the Financial District in
Lower Manhattan. Additionally, this line will provide much needed connections to existing
tracks that service Midtown West and Brooklyn. Under the current plan, the project is being
constructed in four phases. Phase One will include tunnels from 105th Street and Second
Avenue to 63rd Street and Third Avenue, with new stations along Second Avenue at 96th,
86th and 72nd Streets and new entrances to the existing Lexington Av/63rd Street Station
at 63rd Street and Third Avenue. Phase One is currently scheduled for completion in 2016.
The Upper East Side features a wide variety

of national retailers, boutiques, museums,
galleries, restaurants, nightclubs, first-class
schools and health-care facilities. Shopping
throughout the Upper East Side is abundant,
Lexington and Second Avenue between
East 59th and East 96th cater to an on-thego daytime retail crowd. Convenient shops
include banks, delis, bookstores, wine shops,
jewelry stores, vitamin shops and beauty
salons. The Upper East Side also boasts a
fantastic restaurant scene, with a blend of
iconic neighborhood cafes, trendy pubs and
high-end fine dining establishments.
While the nearby retail options are an
important consideration, the unparalleled
cultural amenities of the Upper East Side
are an important draw as well. Located
along the eastern border of Central Park
are some of the most famous museums
in New York, including the Metropolitan
Museum of Art, the Guggenheim Museum,
the Whitney Museum of American Art, The
Jewish Museum, the Asia Society, and the
American Irish Historical Society.
Premier Universities & Medical Insitutions

The Upper East Side is home to some of
the finest hospitals in the country. New York
Presbyterian/Cornell Medical School, SloanKettering Cancer Center, and Lenox Hill are home to countless physicians and
specialists. Along with the hospitals, Rockefeller University is a leading research
center, with twenty-three Nobel Laureates to its credit. Several other major
universities anchor the area, including Hunter College of The City University of New
York, Marymount Manhattan College, The New York School of Interior Design,
Weill Medical College of Cornell, New York University School of Medicine and an
extension of New York University.
NEIGHBORHOOD DESCRIPTION
Retail, Dining & Cultural Amenities
34
For fur ther information or inspection,

please contact Exclusive Agents:
ROBERT M. SHAPIRO
212.660.7717
Associate Director
212.660.7784
D A N I E L P. M AU R E R
Associate Director
212.660.7732
212.660.7727
Associate
212.589.5143
R E C E N T LY R E D U C E D
ASKING PRICE:
$27,500,000
IAN BROOKS
Associate
212.589.5107
This is a confidential brochure intended solely for your limited use and benefit in determining whether you desire to express any
further interest in the purchase of 334 East 79th Street, New York, NY 10075 (the Property).
This brochure was prepared by Massey Knakal Realty Services, (Massey Knakal) and has been reviewed by representatives of
Ownership. It contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of
the information which prospective purchasers may desire. It should be noted that all financial projections are provided for general
reference purposes only in that they are based on assumptions relating to the general economy, competition, and other factors
beyond the control of Massey Knakal or Owner and, therefore, are subject to material variation. Additional information and an
opportunity to inspect the Property and plans will be made available to interested and qualified investors. Neither Owner, Massey
Knakal nor any of their respective officers nor employees, have made any representation or warranty, expressed or implied, as
to the accuracy or completeness of this brochure or any of its contents, and no legal commitments or obligations shall arise by
reason of this brochure or any of its contents. All square footage measurements must be independently verified.
Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the
Property and/or to terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment
or obligation to any entity reviewing this brochure or making an offer to purchase the Property unless and until a written agreement
satisfactory to Owner has been fully executed, delivered, and approved by Owner and any conditions to Owner obligations
thereunder have been satisfied or waived.
By receipt of this brochure, you agree that this brochure and its contents are of a confidential nature, that you hold and treat it
in the strictest confidence, and that you will not disclose this brochure or any of its contents to any other entity without the prior
written authorization of Owner nor will you use this brochure or any of its contents in any fashion or manner detrimental to the
interest of Owner or Massey Knakal.
It is essential that all parties to real estate transactions be aware of the health, liability and economic impact of environmental
factors on real estate. Massey Knakal does not conduct investigations or analysis of environmental matters and, accordingly,
urges its clients to retain qualified environmental professionals to determine whether hazardous or toxic wastes or substances
(such as asbestos, PCBs and other contaminants or petrochemical products stored in underground tanks) or other undesirable
materials or conditions, are present at the Property and, if so, whether any health danger or other liability exists. Such substances
may have been used in the construction or operation of buildings or may be present as a result of previous activities at the
Property.
Various laws and regulations have been enacted at the federal, state and local levels dealing with the use, storage, handling,
removal, transport and disposal of toxic or hazardous wastes and substances. Depending upon past, current and proposed uses
of the Property, it may be prudent to retain an environmental expert to conduct a site investigation and/or building inspection.
If such substances exist or are contemplated to be used at the Property, special governmental approvals or permits may be
required. In addition, the cost of removal and disposal of such materials may be substantial. Consequently, legal counsel and
technical experts should be consulted where these substances are or may be present.
While this brochure contains physical description information, there are no references to condition. Neither Owner nor Massey
Knakal make any representation as to the physical condition of the Property. Prospective purchasers should conduct their own
independent engineering report to verify Property condition.
In this brochure, certain documents, including leases and other materials, are described in summary form. The summaries do not
purport to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they purport to constitute a
legal analysis of the provisions of the documents. Interested parties are expected to review independently all relevant documents.
The terms and conditions stated in this section will relate to all of the sections of the brochure as if stated independently therein.
If, after reviewing this brochure, you have no further interest in purchasing the Property at this time, kindly return this brochure
to Massey Knakal at your earliest possible convenience. Photocopying or other duplication is not authorized. This brochure shall
not be deemed an indication of the state of affairs of Owner, nor constitute an indication that there has been no change in the
business or affairs of Owner since the date of preparation of this brochure.
All zoning information, including but not limited to, use and buildable footage must be independently verified.
ROBERT M. SHAPIRO
212.660.7717
212.660.7727
Associate Director
212.660.7784
D A N I E L M AU R E R
Associate Director
212.660.7732
Associate
212.589.5143
334
EAST 79TH STREET
275 Madison Avenue / 3rd Floor / New York, NY / 10016

P: 212.696.2500 / F: 212.696.0333
w w w. m a s s e y k n a k a l. co m
IAN BROOKS
Associate
212.589.5701

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334 E 79th Street

EAST 79th STREET

For fur ther information or inspection,

RENT ROLL & EXPENSES

The building is comprised of 4 studio, 5 one-bed/

- 100% Free Market

one-bath, 2 one-bed/two-bath, 18 two-bed/

- Established residential rental market

one-bath, 13 two-bed/two-bath, 1 three-bed/

one-bath, 1 three-bed/two-bath, and 2 four-bed/

- Close by Hunter College

29,363 gross square feet. Currently, the

- Close proximity to public transportation

apartments are renting at $61.62 per net square

- Near pending 2nd Avenue subway

foot in a market that continues to increase. The

Price Per Unit:

The Rental Market