Chetrit Group pays $32.8M to long-time owners for 26-unit rental in Carnegie Hill

The Chetrit Group through the entity 1009 Park Owner LLC paid $32.8 million to long-time family owners through the entity Parkton Associates, LLC for the 26-unit residential elevator building (D9) at 1009 Park Avenue in Carnegie Hill, Manhattan.
The Commercial Observer first reported the property was in contract with a price of $35 million, identifying the brokers as Adam Spies, Adam Doneger, Michael Collins and Doug Harmon of Newmark. The property also includes two commercial units. The article reported the number of residential units as 26, while the city data puts the number at 27.
The deal closed on November 28, 2023 and was recorded on December 1, 2023. The property has 65,457 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $500 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 signatories for the sellers were Gaby Ferman Lehrer and Rita Kwiat. The signatory for the Chetrit Group was Jacob Chetrit. The contract date was September 8, 2023.

The property was formerly owned by  two families, the Roisens and the Fermans. Alina Roisen, who died in December 2019 at the age of 95, and her husband Jacques Roisen, who died in 2021 originally owned it on behalf of the Roisens. Alina was the mother of seller Rita Kwiat.

The other partner family was Eda and Symon Ferman, the parents of of Gaby Ferman Lehrer. Eda died in June 2014.  She had been married to Symon Ferman who died in 2003. The Ferman and Roisen families jointly owned the property since at least 1966.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Chetrit Group purchased eight properties in three transactions for a total of $97.3 million and sold three properties in two transactions for a total of $147.8 million over the past 24 months.
The seller Gaby Ferman Lehrer had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Rita Kwiat, head officer and Martha Goupit, officer. The business entities are Halstead Management Company Llc and Parkton Associates, Llc.

The property

The residential elevator building with 27 residential units in Carnegie Hill has 65,457 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 76 feet and is 82 feet deep with a total lot size of 6,291 square feet. The zoning is R10 which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Park Avenue Historic District. The city-designated market value for the property in 2022 is $22.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 10 of the 25 commercial properties representing 107,815 square feet of the 374,167 square feet. The largest owner is Richard Rubel, followed by Parkoff Organization and then Leonard Zangas.
There are no active new building construction projects on this tax block.

The majority, or 35 percent of the 374,167 square feet of built space are elevator buildings, with walkup buildings next occupying 22 percent of the space.

The buyer

The PincusCo database currently indicates that Chetrit Group owned at least 37 commercial properties with 2,288 residential units in New York City with 4,598,424 square feet and a city-determined market value of $855.4 million. (Market value is typically about 50% of actual value.) The portfolio has $1.7 billion in debt, with top three lenders as Bank of Montreal, Starwood Mortgage Capital, and G4 Capital Partners respectively. Within the portfolio, the bulk, or 49 percent of the 4,598,424 square feet of built space are elevator properties, with office properties next occupying 28 percent of the space. The bulk, or 69 percent of the built space, is in Manhattan, with Queens next at 26 percent of the space.

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