Herbert Chaves pays $11M to buy out partner Eric Nelson for UES rental once planned for condo

Herbert Chaves through the entity Canal 63, LLC paid $11 million to Eric Nelson through the entity 172 Em Rivington Holdings LLC to buy out a minority stake in the 90-unit rental (D1) at 330 East 63rd Street in Upper East Side, Manhattan.

Chaves, Nelson and one-time partner Michael Cohen, the former employee of Donald Trump’s Trump Organization, sought to convert the property to residential condos.

The deal closed on November 9, 2021 and was recorded on November 18, 2021.
The property has 70,992 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $154 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 owners bought the property on February 10, 2015, for $58 million.
The signatory for Eric Nelson was Eric Nelson. The signatory for Herbert Chaves was Herbert Chaves.

This is the sale of 38.1 percent ownership of the building to Chaves, who already owns the other 67.9 percent. The sellers and Chaves were tenants-in-common. Chaves and the Nelson entities bought the property for $58 million from Stonehenge in February 2015 with plans to convert it to condominiums.
The owners according to the Department of Housing Preservation and Development includes Eric Nelson, head officer and Enrique Farres, site manager. The business entity is Cfh East 63,Llc.

Within a 400-foot radius of 330 East 63rd Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Orsid Realty borrowed $39.8 million from New York Community Bank secured by the 153,962-square-foot, 168-unit co-op (D4) on 1202 2nd Avenue on March 18, 2020.

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