Hildreth Real Estate pays $2.8M to Fertitta Entertainment for mixed-use building in Midtown East

Hildreth Real Estate Advisors through the entity 838 2nd Ave LLC paid $2.8 million to Fertitta Entertainment through the entity Palm Management Corporation for three-unit mixed-use building (S3) at 838 2nd Avenue in Midtown East, Manhattan.

The deal closed on July 14, 2021 and was recorded on July 22, 2021.
The property has 3,600 square feet of built space and 8,996 square feet of additional air rights for a total buildable of 12,600 square feet according to PincusCo analysis of city data. The sale price per built square foot is $774 and the price per buildable square foot is $221 per the PincusCo analysis.
The signatory for Fertitta Entertainment was Steven L. Scheinthal. The signatory for Hildreth Real Estate Advisors was David Shorenstein.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
The former owners according to the Department of Housing Preservation and Development included Walter Ganzi, Jr, head officer and Walter Ganzi Jr, shareholder. The business entity is Palm Restaurant Inc.
Within a 400-foot radius of 838 2nd Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was for major renovation including a certificate of occupancy change. It was a permit issued on August 21, 2020 for the $2.4 million renovation of 32,348-square-foot B building with one residential units at 304 East 44th Street.
Of those four items, two were sales above $5 million totaling $24.6 million. The most recent of the two was Republic of Senegal which bought one condo unit in the 68-unit mixed-use building (RM) on 227 East 44th Street for $11.6 million on April 29, 2020.
One of those four items was a loan which Pride Builders borrowed $41.6 million from Popular Bank secured by one condo unit in 68-unit mixed-use building (RM) on 227 East 44th Street on August 21, 2020.

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