Peak Capital Real Estate has successfully sold a mixed-use residential and commercial building on New York's Upper East Side. Managing directors David Gomez and Alex Rabin parted with the property at 308 East 78th Street for a sale price of 22.8 million dollars. The buyer was Japanese industrial firm Yokomori Manufacturing Company, best known as a manufacturer of staircase structures.
The property sold is a six-storey apartment building featuring an established hospitality unit on the ground floor. The commercial space is leased to the restaurant Heidi’s House by the Side of the Road and the adjoining bar Ed’s Elbow Room. The transfer of ownership was completed at the end of October and emerged from New York City property records updated on Tuesday afternoon.
High capital growth after short holding period
For Peak Capital, the transaction concludes with significant capital growth. The property company acquired the building only in January 2025 for 14.8 million dollars from Arsalou Realty, a company controlled by Abram Orwasher. Aside from an industrial facility in Louisville in the state of Kentucky, new owner Yokomori has no documented offices in the US market.
Accelerating momentum in Manhattan submarket
The transaction coincides with a noticeable pick-up in investment activity across the Upper East Side neighbourhood. Alongside standing asset sales, the submarket is currently recording several capital-intensive developments and revitalisations:
- —Acquisition of a cinema site at 1001 Third Avenue by Roger Equities for 41 million dollars, accompanied by 37 million dollars in development financing.
- —Provision of a 52.5 million dollar construction loan for a 28-unit condominium scheme at 1527 York Avenue to a joint venture comprising Grand Cru Real Estate and Visabe.
- —Successful resale of 308 East 78th Street to Yokomori after a holding period of less than two years, delivering significant capital growth relative to the original purchase price of 14.8 million dollars.
The recent credit facilities for the schemes on Third Avenue and York Avenue were each provided by lender S3 Capital. Neither the management of Peak Capital nor representatives of Yokomori were available for further comment on the sale on 78th Street.
