Premier Equities pays $31.2M to Alpha Investment for retail in Midtown East

Premier Equities through the entity Premier 200 East 59th Street, LLC paid $31.2 million to Alpha Investment Partners through the entity Mipa 59/Third Owner LLC for the retail condo at 200 East 59th Street in Midtown East, Manhattan. The expected use is cash flowing.
The deal closed on March 27, 2025 and was recorded on April 4, 2025. The property has 18,186 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,718 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 Alpha Investment Partners was Wai Kit Tai. The signatory for Premier Equities was Yaron Jacobi. The contract date was May 6, 2022.

CBRE’s Gary Trock, Daniel Kaplan and Justin Arzi were the brokers on the transaction.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Premier Equities purchased two properties in two transactions for a total of $27 million and sold three properties in three transactions for a total of $64.3 million over the past 24 months.
The seller Alpha Investment Partners had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail condo in Midtown East has 18,186 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 18,186 square feet. The city-designated market value for the property in 2022 is $5.5 million. The most recent loan totaled $204 million and was provided by United Overseas Bank on June 12, 2020.

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

For the tax lot building, it received its initial certificate of occupancy on August 10, 2020. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by MIPA 59/THIRD OWNER LLC to create 68 residential units and 1 commercial units in a building at 200 East 59th Street in Midtown East, Manhattan, called 200 East 59th Street Condominium that has a $323.9 million sellout, according to an March 03, 2016 submission to the New York State Attorney General. The principals of the sponsor, MIPA 59/THIRD OWNER LLC, were Robert Schlesinger and John Tashjian.

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 17.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 28 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of six of the 21 commercial properties representing 61,787 square feet of the 1,149,796 square feet. The largest owner is Gabriella Garzoni, followed by Scharfman Organization and then Sierra Real Estate.
On the tax block, there was one new building construction project filed totaling 109,855 square feet. It is a 68-unit, 109,855 square-foot residential (R-2) building submitted by William Unger with plans filed March 18, 2015 and permitted November 17, 2016.

The majority, or 57 percent of the 1.1 million square feet of built space are office buildings, with elevator buildings next occupying 29 percent of the space.

The buyer

The PincusCo database currently indicates that Premier Equities owned at least nine commercial properties with 60 residential units in New York City with 103,866 square feet and a city-determined market value of $49.1 million. (Market value is typically about 50% of actual value.) The portfolio has $142.3 million in debt, with top three lenders as Signature Bank, Acadia Realty Trust, and Metropolitan Commercial Bank respectively. Within the portfolio, the bulk, or 32 percent of the 103,866 square feet of built space are mixed-use properties, with walkup properties next occupying 22 percent of the space. The bulk, or 64 percent of the built space, is in Manhattan, with Queens next at 36 percent of the space.

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