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    49 78Th St New York, NY 10075

    For Sale
    $9,700,000

    Luxury Redevelopment Opportunity, 10 Units

    Property size:
    12,100 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    368
    This 12,100 square foot, 10-unit apartment building at 49 E 78th St, New York, NY 10075, is a prime investment opportunity. Built in 1910, this Class D elevator building boasts a large penthouse and private backyard. The property sits on a 2,554 square foot lot (25' x 102') with R8B/LH-1A zoning. Currently configured with two office spaces and seven one-bedroom apartments, plus a duplex owner's apartment (to be delivered vacant), it presents a unique chance for luxury redevelopment. The building's location on the Upper East Side, between Park and Madison Avenues, offers exceptional proximity to Central Park, Museum Mile, high-end retail, and public transportation (three blocks from the 77th Street 6 train station and numerous bus lines). The current NOI is $109,518, with a pro-forma NOI of $560,815 and a pro-forma cap rate of 5.78%. The asking price is $9,700,000 ($801.65/sq ft). This property is ideal for conversion into condominiums, single-family townhouses, or a boutique hotel. The building has no remaining development rights and is part of the Upper East Side Historic District. This is a rare chance to acquire a significant asset in a highly desirable location.

    Property Features for 49 78Th St

    General Information

    Property type
    Multifamily properties
    Square Feet
    12,100 SF
    Class
    D

    Building Details

    Year Built
    1910
    Buildings
    1
    Units
    10

    HighLights

    • $9,700,000 asking price for a luxury redevelopment opportunity on Madison Avenue.
    • Convertible to condos, single‑family townhouses, or a boutique hotel.
    • Elevator building with a large penthouse and backyard.
    • Prime Upper East Side location near Central Park and Museum Mile.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    John Molloy Gallery Art Gallery Yu Cheng Chen Chiropractor Robertiello Richard C ... Doctor Edes Gilbert Consulting Business Management Consultant Shrikant Bhamre Md Ophthalmologist

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Hair Salon Dental Office Nail Salon Clothing Store Food Market Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9619669
    Latitude
    40.7755533

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    FAQs

    What type of property is this?
    Multifamily property - Luxury Redevelopment Opportunity, 10 Units
    Where is this multifamily property located?
    The property is located at 49 78Th St New York, NY.
    What is the asking price?
    The asking price for this property is $9,700,000.
    What are key features of this property?
    This property features: $9,700,000 asking price for a luxury redevelopment opportunity on Madison Avenue.; Convertible to condos, single-family townhouses, or a boutique hotel.; Elevator building with a large penthouse and backyard.
    Request Owner's contact information
    49 78Th St New York, NY 10075
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    49 78Th St New York, NY 10075
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