Klosed, Ebrani Holdings pay $2.4M for 14-unit walkup in Lenox Hill

Klosed Properties and Ebrani Holdings through the entity 233 E59 Bh LLC paid $2.4 million to Grundwerg Family through the entity Penn Properties LLC for the 14-unit residential walkup building (C7) at 233 East 59th Street in Lenox Hill, Manhattan. The expected use is cash flowing.
The deal closed on November 3, 2025 and was recorded on November 14, 2025. The property has 7,550 square feet of built space and 2,484 square feet of additional air rights for a total buildable of 10,040 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $317 and the price per buildable square foot is $239 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 signatory for Grundwerg Family was Steven P. Grundwerg . The signatory for Klosed Properties and Ebrani Holdings was Stephen Siminou . The contract date was July 16, 2025. Saul Grundwerg owned the property as of 2002, and his entity acquired the property in March 1981.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Klosed Properties purchased six properties in five transactions for a total of $78.7 million and sold two properties in two transactions for a total of $6.6 million over the past 24 months.
The seller Grundwerg Family had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Steven Grundwerg, head officer and Augusto Perdomo, site manager. The business entities are R.E.M. Residential and Penn Properties Llc.

The property

The residential walkup building with 14 residential units in Lenox Hill has 7,550 square feet of built space and 2,484 square feet of additional air rights for a total buildable of 10,040 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,510 square feet. 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 $2.4 million. The property has 13 rent regulated units according to city tax records from 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received two housing violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of nine of the 23 commercial properties representing 79,089 square feet of the 196,338 square feet. The largest owner is Beretta, followed by Jean-Claude Pick’S Cofinance Group and then Cofinance Group.
There are no active new building construction projects on this tax block.

The majority, or 44 percent of the 196,338 square feet of built space are mixed-use buildings, with elevator buildings next occupying 33 percent of the space.

The buyer

The PincusCo database currently indicates that Klosed Properties owned at least 64 commercial properties with 638 residential units in New York City with 804,479 square feet and a city-determined market value of $148 million. (Market value is typically about 50% of actual value.) The portfolio has $5.4 million in debt, borrowed from New York Community Bank. Within the portfolio, the bulk, or 48 percent of the 804,479 square feet of built space are walkup properties, with industrial properties next occupying 14 percent of the space. The bulk, or 39 percent of the built space, is in Manhattan, with Bronx next at 35 percent of the space.

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