Manocherian Brothers pays $7.8M to Pan Am Equities for 24-unit rental in Carnegie Hill
Manocherian Brothers through the entity Jammano Associates LLC paid $7.8 million to Pan Am Equities through the entity Waverton Associates LLC for the 24-unit residential elevator building (D9) at 119 East 83rd Street in Carnegie Hill, Manhattan. The expected use is cash flowing.
The deal closed on October 10, 2025 and was recorded on October 23, 2025. The property has 11,645 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $665 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 Pan Am Equities was Scott Solomon . The signatory for Manocherian Brothers was Alan Manocherian . The contract date was October 10, 2025. Members of the larger Manocherian family are owners of both Pan Am Equities and Manocherian Brothers.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Manocherian Brothers had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Pan Am Equities purchased one property in one transaction for a total of $1.5 million and sold one property in one transaction for a total of $5 million over the same time period. The 11,645-square-foot property generated revenue of $694,437 or $60 per square foot, according to the most recent income and expense figures.
The property
The residential elevator building with 24 residential units in Carnegie Hill has 11,645 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 102 feet deep with a total lot size of 2,554 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 $3 million.
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 $100 in OATH penalties 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 seven of the 15 commercial properties representing 330,028 square feet of the 468,687 square feet. The largest owner is Feil Organization, followed by Eric Kalimian and then Bldg Management.
There are no active new building construction projects on this tax block.
The majority, or 86 percent of the 468,687 square feet of built space are elevator buildings, with walkup buildings next occupying 7 percent of the space.
The seller
The PincusCo database currently indicates that Pan Am Equities owned at least 22 commercial properties with 2,257 residential units in New York City with 2,306,955 square feet and a city-determined market value of $706.7 million. (Market value is typically about 50% of actual value.) The portfolio has $132.3 million in debt, with top three lenders as People’s United Bank, Bayerische Landesbank, and M&T Bank respectively. Within the portfolio, the bulk, or 99 percent of the 2,306,955 square feet of built space are elevator properties, with walkup properties next occupying 1 percent of the space. They are all located in Manhattan.
The buyer
The PincusCo database currently indicates that Manocherian Brothers owned at least 30 commercial properties with 2,063 residential units in New York City with 1,945,493 square feet and a city-determined market value of $529 million. (Market value is typically about 50% of actual value.) The portfolio has $94.4 million in debt, with top three lenders as Bank of New York Mellon, Apple Bank for Savings, and Signature Bank respectively. Within the portfolio, the bulk, or 93 percent of the 1,945,493 square feet of built space are elevator properties, with walkup properties next occupying 7 percent of the space. They are all located in Manhattan.
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