998 Fifth Avenue co-op sells for $22M

Robert A. Pruzan and Tracy W. Pruzan acquired a cooperative unit from Florence Irving 2017 Revoccable Trust and Robert Kasdin valued at $22 million at 998 Fifth Avenue in the Upper East Side, Manhattan.
The deal closed on August 25, 2021 and was recorded on September 21, 2021.

The signatory for Florence Irving 2017 Revocable Trust and Robert Kasdin was Robert Kasdin. The signatory for Robert A. Pruzan and Tracy W. Pruzan was Robert A. Pruzan and Tracy W. Pruzan.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $5.1 million.

Within a 400-foot radius of 998 Fifth Avenue, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, one was for major renovation including a certificate of occupancy change. It was a permit issued on June 1, 2021 for the $1.9 million renovation of 19,644-square-foot A-3 building with 0 residential units at 1076 Madison Avenue.
Of those eight items, six were sales above $5 million totaling $77.4 million. The most recent of the six was Helen E. Carona and John J. Carona Sr. which bought the 196,727-square-foot, 74-unit co-op (D4) on 1010 5th Avenue for $11.0 million from Alejandro E. Camacho and Pamela L. Rollins on September 20, 2021.
One of those eight items was a loan which David Frederick Frankel borrowed $5.0 million from Principal Life Insurance Company secured by the 104,209-square-foot, 72-unit rental (D6) on 1058 Madison Avenue on May 4, 2020.

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