Aryeh Realty pays $4.9M to Surrey family for UES rental

Aryeh Realty through the entity 1473 First LLC paid $4.9 million to Ruth Surrey and Lewis Surrey through the entity The Surrey Enterprises Limited Partnership for the 12-unit rental (C7) at 1473 First Avenue in Upper East Side, Manhattan.
The deal closed on September 24, 2021 and was recorded on October 13, 2021.
The property has 6,100 square feet of built space and 12,656 square feet of additional air rights for a total buildable of 18,750 square feet according to PincusCo analysis of city data. The sale price per built square foot is $803 and the price per buildable square foot is $261 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 Ruth Surrey and Lewis Surrey was Ruth Surrey and Lewis Surrey. The signatory for Aryeh Realty was Andrew Aryeh.

The former owners according to the Department of Housing Preservation and Development included Lewis Surrey, head officer and Ruth Surrey, officer. The business entities were Gpg Management and Surrey Family Enterprises Lp.

Within a 400-foot radius of 1473 First Avenue, PincusCo identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, two were sales above $5 million totaling $35.7 million. The most recent of the two was Tissa Management, HF Capital, and Howard Hershkovich which bought the 15,935-square-foot, 20-unit rental (C5) on 423 East 77th Street and one other property for $11.1 million from Caporusso family on October 4, 2021.
Of those 10 items, eight were loans above $5 million totaling $174.6 million. The most recent of the eight was HF Capital which borrowed $60 million from H.I.G. Capital secured by the 15,935-square-foot, 43-unit rental (D3) on 418 East 77th Street and 11 other properties on October 8, 2021.

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