Premier Equities pays $43.2M to Chetrit Group for mixed-use building in Lenox Hill

Premier Equities through the entity 1231 Third Avenue Owner, L.L.C. paid $43.2 million to Chetrit Group through the entity 1231 Third Fee Owner LLC for 34-unit mixed-use building (CC) at 1231 3rd Avenue in Lenox Hill, Manhattan and office building (OT) at 1231 3rd Avenue in Lenox Hill, Manhattan.
The deal closed on December 22, 2021 and was recorded on January 6, 2022.
The two properties have 41,279 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,047 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 Chetrit Group was Meyer Chetrit. The signatory for Premier Equities was Mark Mermel.

Commercial Observer reports that Galaxy Capital’s Henry Bodek arranged the sale and as well as the financing.

Within a 400-foot radius of 1231 3rd Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was for major renovation including a certificate of occupancy change. It was a permit issued on November 30, 2020 for the $485,000 renovation of 361,739-square-foot R-2 building with 154 residential units at 220 East 72nd Street.
One of those two items was a loan which Townsend House cooperative borrowed $10 million from TD Bank secured by the 212,118-square-foot, 103-unit co-op (D4) on 1218 3rd Avenue on March 11, 2020.

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