Witnick Real Estate Partners pays $7.3M for rental in Midtown

Witnick Real Estate Partners through the entity 238 E 58th Partners LLC paid $7.3 million to L. Craig Lemle through the entity 5 Gl 58th Street, LLC for 22-unit rental (C7) at 238 East 58th Street in Midtown, Manhattan.
The deal closed on November 8, 2021 and was recorded on November 17, 2021.
The property has 15,532 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $469 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 L. Craig Lemle was J. Stuart Lemle. The signatory for Witnick Real Estate Partners was Isaac Abraham.
One of the projects were to change the building from a RES to a R-2 and were permitted on March 28, 2013.
The former owners according to the Department of Housing Preservation and Development included Craig Lemle, head officer and Steve Brecker, officer. The business entities are Douglas Elliman Property Management and Fashon Way Llc.

Within a 400-foot radius of 238 East 58th Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, three were sales above $5 million totaling $96.5 million. The most recent of the three was Palin Enterprises which bought the 112,000-square-foot, 109-unit rental (D6) on 210 East 58th Street and two other properties for $65.1 million from Alvin Dworman on June 15, 2021.
Of those five items, two were loans above $5 million totaling $86.5 million. The most recent of the two was PD Properties which borrowed $5.3 million from Alma Bank secured by the 4,160-square-foot, three-unit mixed-use building (K4) on 243 East 58th Street on October 19, 2021.

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