What’s up, Upper East Siders? A $35 million investment sale — that’s what.
Joe Chetrit and Jacob Chetrit are under contract to buy 1009 Park Avenue, a luxury multifamily building between East 84th and East 85th streets in Manhattan’s Park Avenue Historic District, Commercial Observer has learned.
The asset—currently owned by Parkton Associates— is set to change hands for $35 million. Newmark’s Adam Spies, Adam Doneger, Michael Collins and Doug Harmon are said to have led the sale, and Newmark’s Dustin Stolly and Jordan Roeschlaub are said to now be in the market arranging the financing for the deal.
The 59,000-square-foot building features 26 residences — ranging from studios to five-bedroom units — six of which are rent stabilized. It also includes two commercial units, which are currently fully leased to two plastic surgeons.
Joe Chetrit’s Chetrit Group also owns Yorkshire Towers at 305 East 86th Street and Lexington Towers at 160 East 86th Street with partner Stellar Management — the firm bagged a mammoth CMBS refinance for the buildings last year before the market went into a deep freeze — and is also planning a 20-story condo project at 260 East 72nd Street that will include 53 residences and 3,400 square feet of commercial space, The Real Deal reported.
The same Newmark team also recently led the roughly $180 million sale of The Sierra, a luxury multifamily building at 130 West 15th Street on behalf of Related Companies, as first reported by CO. The 213-unit property sold to Pacific Urban Investors and the California Public Employees Retirement System (CalPERS) in August.
Commercial Observer Channel, Sales, 1009 Park Avenue, Jacob Chetrit, Joe Chetrit, Newmark, New York City, Manhattan What’s up, Upper East Siders? A $35 million investment sale — that’s what. Joe Chetrit and Jacob Chetrit are under contract to buy 1009 Park Avenue, a luxury multifamily building between East 84th and East 85th streets in Manhattan’s Park Avenue Historic District, Commercial Observer has learned. The asset—currently owned by Parkton Associates— is set
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
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