Midtown East mixed-use building sells for $11.5M after years of ownership dispute

An anonymous owner, PFH 58th Street, LLC, paid Edith Lynn Nickel, Harriett Balkind and Aubrey Balkind’s Lanson Properties, Inc. $11.5 million for 242 East 58th Street in Midtown East. The deal closed on February 28, 2020, and was recorded on April 23, 2020. The transaction consists of 1 parcel, including the tax class primarily two family with store or office (S2) and containing 2 residential units. The property is 12,280 square feet. The parcel(s) have total development potential of 12,280 square feet.
The average sale price per square foot is $936.

Edith Nickel and Aubrey Balkind were engaged in a years-long ownership dispute. According to court records, they brought the property to market in 2017 asking $20 million, and an investor offered to pay $15 million but Nickel and Balkind could not come to an agreement over the sale, and the transaction at that price did not occur. The current sale went into contract January 31, 2020.

An Avison Young team of James Nelson, David Shalom, Eric Karmitz and Carter Lovejoy brokered the transaction.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link