A six-story, fully renovated apartment building at 443 E. 88th St. in Yorkville changed hands on Tuesday, Feb. 24, for $16.5 million, working out to roughly $660,000 per unit. The 25-unit walk-up is entirely free market and was marketed with high-end finishes, including white oak flooring, custom millwork, and in-unit washers and dryers. The buyer, a firm called Jade Century Properties, closed on the Upper East Side deal following a Marcus & Millichap-led sales process.
Marcus & Millichap brokers Joe Koicim and Logan Markley represented the seller, while Koicim, Markley, and Mark Zarrella brought in the buyer, according to ConnectCRE. Koicim told the outlet that the building's 100% free-market status made it particularly competitive, saying the outcome "demonstrates the consistent demand and premium buyers will pay to ensure flexibility with scale." The final number pencils out to about $660,000 per apartment on the 25-unit property.
About the building
The property's marketing materials show roughly 18,700 square feet and 40 feet of frontage along East 88th Street, with a unit mix that leans heavily toward two- and three-bedroom residences, per the listing on Crexi. The listing touts recent, high-end renovations such as imported white oak floors, stainless steel appliances, and built-in closets, positioning the walk-up stock as an amenity-rich option for investors. The building sits a short walk from Central Park, the Metropolitan Museum of Art, and the 86th Street subway station, a trifecta that underwriters typically view favorably.
Why buyers paid up
Industry coverage notes that renovated, 100% free-market buildings tend to command a premium because they offer clearer rent-up potential and simpler management, according to CRE MarketBeat. In a neighborhood like Yorkville, where demand for larger, well-finished units has stayed steady, buyers often prize a clean rent roll over the complications that can come with regulated apartments. That math helps explain how a relatively small, six-story property ended up with such a high per-unit price.
Buyer background
The buyer, Jade Century Properties, has been active across New York City and has worked on larger development financing in Queens. The firm was previously tied to a $30 million construction loan for a 260-unit project in Rego Park, according to PincusCo. That history suggests Jade Century operates at a broader scale in the city and may be folding the Yorkville building into a wider portfolio strategy. The company has not disclosed whether it plans modest rent increases, a long-term hold, or some other approach for the property.
For Yorkville, the sale is another data point that well-located, upgraded walk-ups still draw intense interest from investors looking for flexibility and near-term rent upside. Expect similar free-market listings in the neighborhood to attract close scrutiny as the spring leasing season approaches.
