Klosed Properties pays $8M to Sanders Investments for UES rental

Klosed Properties through the entity 128 E86 Bh LLC paid $8 million to Sanders Investments through the entity 128 East 86th Street Associates, L.L.C. for 12-unit rental (C7) at 128 East 86th Street in the Upper East Side, Manhattan.
The deal closed on May 28, 2021 and was recorded on June 14, 2021.
The property has 11,925 square feet of built space and 20,758 square feet of additional air rights for a total buildable of 32,690 square feet according to PincusCo analysis of city data. The sale price per built square foot is $670 and the price per buildable square foot is $244 per the PincusCo analysis.
The signatory for Sanders Investments was Martin Sanders. The signatory for Klosed Properties was Steven Kashanian.
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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $100.
Steven Kashanian is the principal of Klosed Properties.
The former owners according to the Department of Housing Preservation and Development included Martin Sanders, head officer and Joseph McCarthy, officer. The business entity was 128 East 86th Street Associates Llc.
Within a 400-foot radius of 128 East 86th St, Pincusco identified seven commercial real estate items of interests that occurred over the past 24 months.
Of those seven items, one was a new building development. It was a new building permit application filed on November 4, 2020 for a 63,888-square-foot R-2 building with 32 residential units at 126 East 86th Street.
Of those seven items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $1.6 million and one permit with a total initial cost of $518,500. The most recent of these two items was the permit on February 3, 2021 for a 16,295-square-foot R-2 building with 16 residential units at 1276 Lexington Avenue.
Of those seven items, two were sales above $5 million totaling $37.5 million. The most recent of the two was Robert L Frank who bought a co-op (D4) unit in 1021 Park Avenue for $11.5 million from Esta E. Stecher on January 11, 2021.
Of those seven items, two were loans above $5 million totaling $68.2 million. The most recent of the two was Rybak Development which borrowed $16.2 million from Valley National Bank secured by the 13,590-square-foot, one-unit retail building (K7) on 124 East 86th Street on November 27, 2020.

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