Zucker Organization pays $11M for Flatiron apartment building it has leased since 1972

Donald Zucker’s Zucker Organization through the entity 154 E. 29th Street, LLC paid Leon Jamie’s Edward D. Jamie Realty LLC $11 million for 402 3rd Avenue in Flatiron. The deal closed on January 28, 2020, and was recorded on February 4, 2020. The transaction consists of 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 145 residential units. The property is 137,628 square feet. The parcel(s) have total development potential of 137,628 square feet.
The sale price per unit is $75,862.

Donald Zucker as tenant signed a 99-year lease with the landlord, the Edward D. Jamie Realty Co., in 1972.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 145 residential (or hotel) units on June 18, 2015.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $50,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $192,100.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link