Residential Package Sale Closes at Nearly $28M

NEW YORK CITY-A local residential operator closes on its purchase of a four-building residential package comprised of 50 apartments and eight commercial stores here for $27.5 million. The properties, which were owned by the Estate of Dr. Manuel Stapen, are located at 1343-1347 Second Ave. and 242 E. 71st St.

GlobeSt.com exclusively learned that the continuous five-story walk-up buildings were going on the market in September. Locally based Eastern Consolidated’s vice chairman Brian Ezratty, senior director Deborah Gutoff and director Martin Ezratty represented the seller, who had owned and operated the properties for the past 25 years. Gutoff together with Eastern Consolidated senior director Azita Aghravi procured the buyer.

“A number of factors drove this sale,” explains Gutoff, “one of the most significant was the property’s stellar location, literally blocks from the designer stores on Madison and trendy restaurants on Second and Third Avenues. It’s rare to be able to acquire such a four-building package on the Upper East Side. Consequently, the offering generated more than two dozen bids, but the winner succeeded by presenting very aggressive terms.”