Crown Acquisitions as tenant signs 48-year master lease for Lenox Hill retail

Crown Acquisitions through the entity Crown 926 Madison LLC signed a 48-year master lease for the ground floor retail at 926 Madison Avenue, controlled by the 20 East 74th Street cooperative through the entity 20 East 74th Street, Inc. in Lenox Hill, Manhattan.
The deal closed on February 18, 2022 and was recorded on September 27, 2022.
The signatory for 20 East 74th Street cooperative was Franz Hefti. The signatory for Crown Acquisitions was Stanley H. Chera. The lease is for the entire ground floor retail space and the basement below such space facing Madison Avenue at 926 Madison Avenue. Commencement was February 18, 2022, and it runs to January 31, 2070.

The block

On this tax block, PincusCo has identified the owners of five of the 20 commercial properties representing 37,250 square feet of the 187,774 square feet. The largest owner is Khedouri K. Ezair Corp., followed by Hal Einhorn and then Sol Goldman Investments.
there are no active new building construction projects on this tax block.

The majority, or 47 percent of the 182,712 square feet of built space are elevator buildings, with walkup buildings next occupying 19 percent of the space.

The buyer

The PincusCo database currently indicates that Crown Acquisitions owned at least five commercial properties in New York City with 530,437 square feet and a city-determined market value of $435.9 million. (Market value is typically about 50% of actual value.) The portfolio has $11.5 million in debt, borrowed from East West Bank. Within the portfolio, the bulk, or 85 percent of the 530,437 square feet of built space are office properties, with retail properties next occupying 15 percent of the space. They are all located in Manhattan.

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