Anonymous buyer affiliated with Tri-Star pays $4.8M for rental in Midtown

Portfolio5 LLC, an entity connected to the management firm Tri-Star Equities, paid $4.8 million to Eric Haims, Scott Winter, Melvin Winter, and Douglas Winter through the entity 924 Third Avenue, LLC for eight-unit rental (C7) at 924 3rd Avenue in Midtown, Manhattan.
The deal closed on October 21, 2021 and was recorded on November 18, 2021.
The property has 8,325 square feet of built space and 15,413 square feet of additional air rights for a total buildable of 23,750 square feet according to PincusCo analysis of city data. The sale price per built square foot is $582 and the price per buildable square foot is $204 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Eric Haims, Scott Winter, Melvin Winter, and Douglas Winter was Eric Haims, Scott Winter, Melvin Winter, and Douglas Winter.

Buyers affiliated with Paul Xuereb’s  management firm Tri-Star Equities have acquired several properties in the past year, including on the Upper East Side. and in Flatiron. The seller family has owned the property for decades, at least since before 1988.
The sellers according to the Department of Housing Preservation and Development included Eric Haims, head officer and Melvin Winter, officer. The business entity was 924 Third Ave,Llc C/O Jerome Haimsrealty.

Within a 400-foot radius of 924 3rd Avenue, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on May 8, 2020 for the $380,947 renovation of 10,590-square-foot B building with no residential units at 900 3rd Avenue.
Of those seven items, two were sales above $5 million totaling $101.1 million. The most recent of the two was Palin Enterprises which bought the 112,000-square-foot, 102-unit office building (O6) on 155 East 55th Street and two other properties for $65.1 million from Alvin Dworman on June 15, 2021.
Of those seven items, four were loans above $5 million totaling $134.9 million. The most recent of the four was Sachs Companies which borrowed $81.2 million from Prime Finance Partners secured by the 112,000-square-foot, 102-unit office building (O6) on 155 East 55th Street and two other properties on June 25, 2021.

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