Chetrit Group pays $14.9M for UES townhouse that sold for $22M in 2014

The Chetrit Group through the entity 125 East 65th Owner LLC paid $14.9 million to the entity 125 East 65th Street Inc. for the townhouse (A7) at 125 East 65th Street in Upper East Side, Manhattan.
The deal closed on October 18, 2021 and was recorded on October 26, 2021.
The property has 11,989 square feet of built space and 2,073 square feet of additional air rights for a total buildable of 14,060 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,242 and the price per buildable square foot is $1,059 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 seller bought the property on September 17, 2014, for $22 million and converted it from a commercial building to a single-family townhouse.
The signatory for 125 East 65th Street Inc. was Nicholas Kwong, with the entity in care of the law firm Fried Frank. The signatory for Chetrit Group was Joseph Chetrit. The Chetrit Group, in addition to owning and developing commercial properties, has long owned and developed single-family homes.
(122382215)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with one residential unit on April 29, 2016.
The signatory for the seller when the entity purchased the building for $22 million in 2014 was Betsy Mak.

Within a 400-foot radius of 125 East 65th Street, PincusCo identified six real estate items of interests occurred over the past 24 months.

Of those six items, three were sales above $5 million totaling $27.3 million. The most recent of the three was Benny Hakim and Laura B. Hakim which bought a co-op (D4) unit at 633 Park Avenue for $11.1 million from the Estate of Arthur W. Collins and Rufus Collins on July 26, 2021.
One of those six items was a loan which BLDG Management borrowed $6.6 million from M&T Bank secured by the 5,658-square-foot, three-unit mixed-use building (K2) on 888 Lexington Avenue on March 2, 2021.

Direct link to Acris document. link