1487 1 Avenue

Owner: Carmel Partners

Acquired: January 20, 2022, $73.5 million

Debt: September 19, 2023, $153 million

Built: 2023

Renovated: 1987

SF: 235,130

Dwelling units: 146

No. of buildings: 2

Class: Fireproof – With Stores (D6)

Floors: 35

Legacy BBLs: 1014520027

Transactions:

• Carmel Partners borrowed $153 million from Northwestern Mutual Life Insurance for 1487 1st Avenue, Lenox Hill, Manhattan on September 19, 2023.

• Rita Chou sold 1487 1st Avenue, 1493 1st Avenue, 1489 1st Avenue, and 1491 1st Avenue, Lenox Hill, Manhattan for $73.5 million to Carmel Partners on January 20, 2022.

• Rita Chou borrowed $7.3 million from Investors Bank for 1487 1st Avenue, 1489 1st Avenue, 1491 1st Avenue, 1493 1st Avenue, Lenox Hill, Manhattan on April 15, 2020.

Development:

• Matthew Feldman filed plans for alteration in Lenox Hill, Manhattan, on November 14, 2025.

• Matthew Feldman filed plans for alteration in Lenox Hill, Manhattan, on June 01, 2025.

• Matthew Feldman filed plans for alteration in Lenox Hill, Manhattan, on February 18, 2025.

• Matthew Feldman filed plans for A3 in Lenox Hill, Manhattan, on December 17, 2024.

• Milivoj Sofranin filed plans for alteration in Lenox Hill, Manhattan, on October 22, 2024.

Violations:

According to city public data, the properties have received $625 in ECB penalties and $2,625 in OATH penalties in the last year.

Latest Stories:

• Carmel Partners signs $153M construction loan with Northwestern Mutual for 94-unit project in Lenox Hill (September 20, 2023)

• Carmel Partners pays $73.5M to Chou family for corner dev site in Lenox Hill (January 21, 2022)

• Chou family borrows $7M from Investors Bank to refi mixed-use property in Lenox Hill (April 16, 2020)