327 E 101st St
New York, NY 10029
The Yorkfield · Multifamily Property For Sale · 34 Units

JLL has been retained on an exclusive basis to arrange for the
sale of 325-327 East 101st Street (the “Property”), an 8-story,
elevator building located on the north side of East 101st Street
between First and Second Avenues. Featuring 85.5’ of frontage
on East 101st Street, the Property is comprised of 34
apartments across 36,849 gross square feet. The entire building
is configured as two condominium units: a community facility
space which is separately owned and the residential portion
(the Property)*. The Property presents a value-add opportunity
for investors via upgrades to the units and common areas,
which will drive rent growth as rising New York City rents
continue to push north into the Upper East Side and Harlem
from Downtown Manhattan and Brooklyn.
The Property’s 33 Free Market units are configured as 18 one
beds, 11 two-beds, and 4 three-beds, catering to the neighborhood
demographic of young professionals and share-style apartments.
The Property was built in 2009 pursuant to a 10-year 421A tax
abatement which expired in 2021. Since then, all but one unit
has turned over, and upon vacature, the last Rent Stabilized unit
becomes Free Market, unlocking additional value. Currently, 5
of the Free Market units are vacant, allowing new ownership to
reposition these units at scale and increasing rents to market rate,
offering purchasers an immediate value add opportunity. The Free
Market apartments are currently leased for an average of $48
PRSF representing a ~21% discount to renovated market rents in
the area. Common areas can be cosmetically improved upon
to further drive rents. The Property also possesses a common
rooftop patio that is accessible to all tenants.
The Property is well-suited to benefit from the sustained trend of
rental growth New York City has experienced over the past few
ears (4.72% YoY rent growth as of May 2026). This explosive
growth is expected to continue due to significant housing supply
constraints and a steady influx of young professionals and recent
graduates seeking apartments. While all NYC neighborhoods
have benefitted from rising rents, average rents in Harlem ($3,425/
month for non-doorman two-beds) are significantly trailing
both the Manhattan average of $5,469* and those of the core
neighborhoods of Manhattan and Brooklyn (which range as high
as $6,962 and $9,248)**. This discount in average neighborhood
rents ranks Harlem as the least expensive Manhattan submarket.
This lag should be a significant driver of local rent growth as
tenants seek relief from higher rents to the south.
Strong underlying market fundamentals are further supported
by the Property’s unit mix and proximity to the
walk) and
4
N
Q (8-min
6 trains (10-min walk), which will attract young
professionals seeking convenient access to Manhattan’s major
employment hubs. In 2024 New York City saw an influx of
recent college graduates moving to the city to fulfill employment
opportunities. 10.79% (7% YoY increase) of 2024 national college
graduates moved to New York last year, the most of any city in the
country and more than double all other U.S. metros other than Los
Angeles (6.12%). New arrivals will be attracted to the Upper East
Side due to its relatively affordable rents, safety, transportation
options and familiarity to older generations.
325-327 East 101st Street presents an excellent opportunity
for an investor to acquire a well-located, value-add property
in a submarket bolstered by strong future rental dynamics
and significant long-term supply constraints. The Property
will be sold on an as-is, where-is basis.