Anonymous buyer pays $21M to long-time owners for UES retail, likely dev site

The entity 171 East 86 Street LLC paid $21 million to Imperial Sterling Ltd. and a trust for Jerrold Golding Levy for the retail building (K1) at 171 East 86th Street in Upper East Side, Manhattan. The Golding family has owned an interest in the property since at least the 1970s, according to city records.
The deal closed on November 30, 2021 and was recorded on December 20, 2021.
The property has 5,000 square feet of built space and 45,000 square feet of additional air rights for a total buildable of 50,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $4,200 and the price per buildable square foot is $420 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 sale price indicates the parcel was acquired as a development site.
The signatory for the sellers was Jerrold G. Levy and Richard J. Bollon. The signatory for 171 East 86 Street LLC was Lisa M. Haines.

The seller is a trust with Jerrold G. Levy as trustee. Imperial Sterling is a company once led by John Bruel. The signatory and address for the buyer was an attorney at the law firm Polsinelli, at its office in Kansas City, Missouri.

Within a 400-foot radius of 171 East 86th Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.

Of those six items, five were loans above $5 million totaling $167 million. The most recent of the five was DDG Partners which borrowed $67.6 million from M&T Bank secured by the 67,500-square-foot, 38-unit office building (O5) on 1550 3rd Avenue and 34 other properties on September 1, 2020.

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