Churchill Real Estate Holdings pays Parkoff Organization $57M for apartment building

Churchill Real Estate Holdings through the entity Churchill 809 Madison LLC paid Parkoff Organization’s Prominent Assets LLC $56.8 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 33 residential units at 30 East 68 Street in Lenox Hill. The deal closed on August 14, 2019 and was recorded on August 23, 2019. The parcel(s) have total development potential of 41,371 square feet.
The sale price per unit is $1,721,250..
The estimated cap rate is 3.3%

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 33 residential (or hotel) units on October 11, 2012.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $495,750.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

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