11 East 78th Street
This is a highly illiquid, generational asset trading for the first time in 79 years in the Upper East Side, one of Manhattan's most resilient and supply-constrained multifamily submarkets, lending strong locational credibility to the deal. At $1,147 PPSF and a 5.33% cap rate, the pricing is broadly in line with Upper East Side multifamily comps, though the DSCR of 0.94x signals that the property does not cover debt service at standard leverage, representing a meaningful underwriting risk for any lender. The 16-unit, pre-war asset is likely subject to rent stabilization on some or all units, which caps near-term income growth but also provides occupancy stability and supports the cap rate as a going-in yield. Broker representation by Bob Knakal, one of the most prolific NYC investment sales brokers by deal count and volume, adds credibility to pricing and process integrity. The relatively unknown buyer profile and below-1.0x DSCR are the primary credit concerns, and a lender would need strong borrower liquidity and a credible business plan to get comfortable with this deal.
Deal Stats
Parties
Seller / Landlord
Friedman family
The Friedman Family held this Upper East Side multifamily property for 79 years following their 1947 acquisition and 1948 conversion, suggesting a long-term, conservative ownership approach typical of generational NYC real estate families with deep roots in the borough's residential market.
Buyer / Tenant
Dalmazio family
The Dalmazio Family appears to be a private family investor acquiring Upper East Side multifamily assets; limited public transaction history suggests this may be one of their earlier or infrequent NYC real estate purchases, consistent with a wealth-preservation strategy rather than an active development platform.
Score Analysis
What this score means
A Grade B score indicates this deal qualifies for financing at up to 70% LTV, subject to full underwriting. Most deals at this level proceed to a term sheet within 2 business days.
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Resolve outstanding violations or liens
Active violations significantly depress the score; clearing them has high impact.
Provide sponsor financial statements
Documented liquidity and net worth reduce lender risk perception.
Submit a detailed business plan
A clear repositioning or hold strategy demonstrates deal viability.
Identify institutional co-lenders or equity partners
Reputable co-investors signal deal quality to underwriters.
