Alpha Realty brokered the Upper East Side multifamily sale of 322 E 93rd St to a foreign investor. Once fire-damaged and vacant, the property sold all-cash in 8 days following a full renovation, showing strong global demand for repositioned NYC multifamily assets.
-- Alpha Realty closed the sale of 322 E 93rd St, a five-story multifamily building in Manhattan’s Upper East Side, to a first-time international investor. The buyer completed the all-cash deal in just 8 days, marking a rapid turnaround for a property that previously stood vacant and condemned following a severe fire in 2016. The sale attracted multiple foreign buyers, and the seller ultimately selected the bidder with the strongest terms
The structure, located between 1st and 2nd Avenue, became uninhabitable after flames from a neighboring building spread through the site. Damage to the beams triggered a Department of Buildings vacate order, and the property remained off-market and abandoned for several years. In 2020, a local developer acquired the asset and initiated a full gut renovation—rebuilding the structure from the inside out and repositioning it as a clean, stable rental property.
Despite a high-interest rate environment and submarket cap rates, the foreign buyer recognized the long-term value in a fully renovated multifamily asset in a prime Upper East Side location. The acquisition marked the buyer’s first investment in New York City, signaling confidence in the market’s resilience. Alpha Realty founder Lev Mavashev brokered the transaction and oversaw the fast-paced close.
“This transaction demonstrates the resilience of New York City’s real estate market, even in an uncertain rate environment,” said Mavashev. “The buyer recognized the value in this newly transformed asset, and we were able to execute seamlessly within an incredibly short timeframe.”
The building is located near major healthcare employers, top schools, and the Second Avenue Subway, making it well-positioned for long-term rental demand. Turnkey assets like 322 E 93rd St continue to attract institutional and international interest across Manhattan’s most established submarkets.
Property Highlights
- Address: 322 E 93rd St, New York, NY 10128
- Asset Type: Five-story, turnkey multifamily building
- Units: 20
- Original Condition: Fire-damaged and vacant; structural damage down to beams
- Rehab Year: Acquired in 2020, fully renovated in 2021
- Sale Type: All-cash
- Sale Price: $10,500,000
- Buyer: Foreign investor (Asia); first NYC acquisition
- Closing Timeline: 8 days
- Closing Date: February 28, 2025
- Broker: Lev Mavashev, Alpha Realty
This transaction reflects ongoing demand for well-located, repositioned multifamily assets in New York City—and underscores Alpha Realty’s role in facilitating efficient, high-value closings in a complex market.
To read the full case study, visit: https://www.alpharealtyny.com/upper-east-side-multifamily-sale-322-e-93rd-st-8-days/
Alpha Realty continues to represent investors and sellers in high-efficiency trades of turnkey multifamily assets across Manhattan. To discuss current opportunities or obtain a complimentary valuation, contact the Alpha Realty team.
About Alpha Realty
Alpha Realty is a leading New York-based investment sales brokerage firm specializing in multifamily and mixed-use properties. Founded by Lev Mavashev, Alpha Realty has consistently ranked among the most active brokerage firms in the NYC commercial real estate market, delivering top-tier service and record-breaking transactions
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