UES Residential Tower Nearing End of Affordability Agreement Up for Sale

The real estate arm of Swiss Bank UBS has introduced the sale offering of 408 East 92nd Street, seeking to fetch between $120 million and $125 million, or about $612,245 to $637,755 per unit. Last trading in 2006 for $95 million, the 32-story, 196-unit RiverEast rental tower is currently under an affordability agreement that is set to expire in 2026, subjecting 20% of its units to rent stabilization in exchange for the 421a property tax abatement. New ownership will have the option to let the agreement expire to make the building 100% market-rate; or exercise an as-of-right 15-year extension, requiring an increase of affordable units to 25%.

Source:    https://therealdeal.com/2022/09/14/ubs-eyes-125m-for-ues-apartment-tower/