Westbury condo in Lenox Hill sells for $26M

UPDATED: The entity Atara26, LLC paid $26 million to Terry Allen Kramer through the entity Bongo II LLC for unit 17/18 at The Westbury at 15 East 69th Street in Lenox Hill, Manhattan.
The deal closed on March 22, 2022 and was recorded on April 4, 2022.The three properties have 6,196 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $4,196 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 Terry Allen Kramer was Nathaniel Charles Allen Kramer. The signatory for the buying entity was Vornado Realty Trust head of retail, Haim Chera. Chera was listed as the manager of the buying entity. Crown Acquisitions residential management division is an asset manager, according to a person familiar with the transaction.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 15 East 69th Street.

The property

The 15 East 69th Street parcel has a total lot size of 6,045 square feet. The city-designated market value for the property in 2022 is $2.2 million.

The block

On the tax block of 15 East 69th Street, PincusCo has identified the owners of five of the 14 commercial properties representing 62,962 square feet of the 169,242 square feet. The largest owner is Reuben Brothers, followed by JSRE Acquisitions and then Akris. There are no active new building construction projects on this tax block.

The majority, or 82 percent of the 1.2 million square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 7 percent of the space.

Surrounding

Within a 400-foot radius of 15 East 69th Street, PincusCo identified 24 commercial real estate items of interests occurred over the past 24 months.
Of those 24 items, 15 were sales above $5 million totaling $419 million. The most recent of the 15 was Adam Weitsman which bought two condo units in the 10-unit mixed-use building (RM) on 11 East 70th Street and one other property for $5 million from Paulson & Co. Inc. on March 28, 2022.
Of those 24 items, nine were loans above $5 million totaling $245 million. The most recent of the nine was Maria Catsoulis Kempf which borrowed $12 million from Hirshmark Capital secured by the 11,243-square-foot, five-unit rental (C5) on 14 East 69th Street on January 4, 2022.

Clarification: Updated with Crown Acquisitions residential management division acting as third-party manager for the buyer entity. 

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