Nahman Lichtenstein pays $7.9M to Harry Macklowe for Midtown East building, $16.5M in 2018

Nahman Lichtenstein through the entity 17 E47 Acquisition LLC paid $7.9 million to Macklowe Properties through the entity 17 East 47th Street Devco LLC for the specialty building (P8) at 17 East 47th Street in Midtown East, Manhattan.
The deal closed on April 8, 2025 and was recorded on April 15, 2025. The property has 17,131 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $461 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 seller bought the property on November 19, 2018, for $16.5 million. The signatory for Macklowe Properties was Andrew W. Albstein . The signatory for Nahman Lichtenstein was Nahman Lichtenstein, who also uses the name Shimon Lichtenstein . The contract date was December 18, 2024. Nahman Lichtenstein co-owns elevator building at 867 4th Avenue in Greenwood Heights with Avi Rothner, who leads Altitude Health Services and R Partners in Evanston, Illinois.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Nahman Lichtenstein purchased two properties in two transactions for a total of $7.5 million and has no record it sold any properties over the past 24 months.
The seller Macklowe Properties had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Midtown East has 17,131 square feet of built space and 7,875 square feet of additional air rights for a total buildable of 25,000 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 2,500 square feet. The zoning is C5-3 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $6.4 million. The most recent loan totaled $15 million and was provided by Emerald Creek Capital on February 13, 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 not received any significant 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 neighborhood

In Midtown East, The majority, or 81 percent of the 62.6 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the 3rd highest sale turnover among other neighborhoods in the city with $2.6 billion in sales volume in the last two years. For development, Midtown East is the 2nd most active neighborhood among other neighborhoods. It had 19.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 31 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 17 commercial properties representing 2,828,603 square feet of the 3,117,049 square feet. The largest owner is JPMorgan Chase, followed by MacTaggart Family And Partners and then Daishin Securities.
On the tax block, there was one new building construction project filed totaling 1,862,831 square feet. It is a 1,862,831 square-foot business (B) building submitted by JPMorgan Chase and filed by Devin Maher with plans filed June 26, 2019 and permitted November 30, 2021.

The majority, or 90 percent of the 3.1 million square feet of built space are office buildings, with retail buildings next occupying 6 percent of the space.

The buyer

The PincusCo database currently indicates that Nahman Lichtenstein owned at least three commercial properties with 150 residential units in New York City with 106,807 square feet and a city-determined market value of $8.4 million. (Market value is typically about 50% of actual value.) The portfolio has $64 million in debt, borrowed from Varde Partners. Within the portfolio, the bulk, or 95 percent of the 106,807 square feet of built space are elevator properties, with V0 properties next occupying 5 percent of the space. They are all located in Brooklyn.

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