Pears brothers pay $11.5M to Friedman Management for unsold condos in Midtown East

The Pears brothers through the entity Tremada Continental 48th Street LLC paid Friedman Management’s 321E48 Realty LLC $11.5 million for 36 unsold condo units at the Continental at 321 East 48th Street in Midtown East. The deal closed on November 16, 2020, and was recorded on November 27, 2020. The transaction consists of 36 parcels, including the tax class high-rise condominium apartment/elevated, residential unit (R4) and containing 36 residential units.
The sale price per unit is $319,444.

The buyer was an affiliate of Tremada Holdings, which in turn is affiliated with the billionaire property investors, the Pears brothers of the U.K. This is a sale of 36 rent-regulated and free market sponsor units, which generate $86,759 in monthly rental income. 31 are free market and five are rent regulated, according to marketing material. The building is known as the Continental, which is a 14-story elevator building with 126 residential units and two commercial units. It was built in 1962 and converted to condominiums in 1985.The broker on the sale was Mark Zborovsky.The contract date was October 5, 2020.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA.
The signatory for the buyer or lender was Stuart Berg