CSC Real Estate pays $70M to Perlbinder Realty for office, retail in Yorkville

CSC Real Estate paid $70 million to Perlbinder Realty for office and retail in Yorkville, Manhattan, in two transactions. The properties were sold under supervision of a New York State Supreme Court case, that sought a partition of these and other Perlbinder real estate assets resulting from a disagreement about how to manage them.

In the first transaction, CSC Real Estate through the entity CSC 210 86th Prop Co, LLC paid $64.1 million through a judicial sale to Perlbinder Realty through the entity 210 East 86th Street Corp for the office building (O6) at 210 East 86th Street in Yorkville, Manhattan. The expected use is renovation, including medical space for Weil Cornell Medical as well as eight apartments on the fifth floor and other uses including a movie theater.
The deal closed on June 3, 2026 and was recorded on June 12, 2026. The property has 73,255 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $874 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.)

CSC Real Estate through the entity Csc 210 86th Prop Co, LLC paid $5.9 million to Perlbinder Realty through the entity Bar-Mar Associates LLC for the retail condo at 205 East 85th Street in Yorkville, Manhattan.
The deal closed on June 3, 2026 and was recorded on June 12, 2026. The property has 8,916 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $663 per the PincusCo analysis.

The signatory for Perlbinder Realty was attorney Joshua Stein. The signatory for CSC Real Estate was Alberto Smeke Saba . The contract date was February 5, 2026.

This is the latest certificate of occupancy alteration, showing the change on the fifth floor to include eight apartments.

210 East 86th Street

These sales resulted from a judicial partition action. 155612/2024, filed in New York State Supreme Court in Manhattan in June 2024, titled Barton Mark Perlbinder et al v. Stephen Perlbinder.  This special proceeding sought the judicial dissolution of 18 entities comprising the Perlbinder family real estate portfolio. Petitioners Barton Mark Perlbinder (“Mark”) and his daughter Muffy Flouret (individually and as a trustee) filed the action against respondents Stephen Perlbinder (Mark’s brother), Stephen’s daughters Astrid Sabellarosa and Andrea Jo Stein, and trustee Brian E. Raftery. The petition details extensive familial dysfunction, severe operational deadlock, and an unsustainable financial crisis. The business was originally founded over a century ago by Joseph Perlbinder and later expanded by his son, Julius Perlbinder (father to Mark and Stephen). Following decades of passive involvement by Stephen and active management by Mark, deep-seated animosity escalated into a flurry of contentious lawsuits between the two family factions starting in 2021. Mark Perlbinder filed personal bankruptcy in 2025 in the Eastern District of New York, 8-25-73317-ast, the case is ongoing.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer CSC Real Estate purchased four properties in four transactions for a total of $107.2 million and sold two properties in two transactions for a total of $27.3 million over the past 24 months.
The seller Perlbinder Realty had not purchased any other properties and had not sold any properties over the same time period. The 73,255-square-foot property generated revenue of $5.8 million or $79 per square foot, according to the most recent income and expense figures.
Commercial Observer reported on June 05, 2026 that Brandon Polakoff, Alexandra Marolda, James Nelson, and Lea Voytovich paid $70 million to Perlbinder Realty for 210 East 86th Street, New York, NY and 206 East 86th Street, New York, NY and 205 East 85th Street, New York, NY. The sell-side brokers were Avison Young.

The property

The office building in Yorkville has 73,255 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 204 feet deep with a total lot size of 15,274 square feet. The lot is irregular. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $29.3 million.

Development

For the tax lot building, it received its initial certificate of occupancy on January 6, 2015. On the lot, there is one active major alteration construction project, M01374862, for a eight-unit, 82,781 square-foot 56 building. The project was submitted by CSC Real Estate and filed by Alberto Smeke with plans filed March 20, 2026 and permitted June 5, 2026.

The neighborhood

In Yorkville, The majority, or 61 percent of the 26.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Yorkville has 1.4 times the average sales volume among other neighborhoods with $479.1 million in sales volume in the last two years and is the 26th highest in Manhattan. For development, Yorkville has 1.6 times the average amount of major developments relative to other neighborhoods and is the 19th highest in Manhattan. It had 2.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 13 commercial properties representing 556,577 square feet of the 651,096 square feet. The largest owner is Rose Associates , followed by Nuveen Real Estate and then Caiola Family.
There are no active new building construction projects on this tax block.

The majority, or 68 percent of the 651,096 square feet of built space are elevator buildings, with office buildings next occupying 11 percent of the space.

The buyer

The PincusCo database currently indicates that Csc Real Estate owned at least five commercial properties in New York City with 448,362 square feet and a PincusCo-determined asset value of $333.1 million. Within the portfolio, all identified are office properties.

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