Gun-maker Beretta pays $19.8M to Heskel Group for UES retail

Italy-based gunmaker Beretta through the entity Land Finance Corporation paid $19.8 million to Heskel Group through the entity Elias On Third LLC for the retail building (K7) at 991 Third Avenue in the Upper East Side, Manhattan. The property is directly across the street from Bloomingdale’s department store.
The deal closed on October 8, 2021 and was recorded on October 15, 2021.
The property has 7,444 square feet of built space and 8,629 square feet of additional air rights for a total buildable of 16,070 square feet according to PincusCo analysis of city data. The sale price per built square foot is $2,653 and the price per buildable square foot is $1,228 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 February 22, 2012, for $18.4 million.
The signatory for Heskel Group was Yeheskel Elias. The signatory for Beretta was Jeffrey K. Reh.

The buyer is an affiliate of gun-maker Fabbrica d’Armi P. Beretta S.p.A, known as Beretta, which in 1994 bought its New York City flagship location, 718 Madison Avenue for $4.8 million.   Elias is founder of the Heskel Group.

JLL’s Bob Knakal and Clint Olsen had a listing for the property.  According to the marketing materials, “The Property is triple-net leased to Capital One Bank  which has a credit rating of Baa1 and 10 years remaining on their current term, with another 10 year option.”

Within a 400-foot radius of 991 3rd Avenue, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on January 16, 2020 for the $500,000 renovation of 7,059-square-foot office B building with no residential units at 968 Third Avenue.
Of those nine items, four were sales above $5 million totaling $58.8 million. The most recent of the four was Simon Compound LLC which bought two condo units in the 4,485-square-foot, 109-unit mixed-use building (RM) on 151 East 58th Street and one other property for $30.5 million from Jefferson Blue Inc. on June 23, 2021.
Of those nine items, four were loans above $5 million totaling $342.6 million. The most recent of the four was Vornado Realty Trust which borrowed $300.0 million from JPMorgan Chase secured by two condo units in the 150,328-square-foot, 109-unit mixed-use building (RM) on 151 East 58th Street on October 20, 2020.

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