Sales Beat

9,995-Square-Foot UES Townhouse Trades Hands in Complex Transaction

A 32-foot-wide townhouse with 23,661 buildable square feet at 149-151 East 78th Street  sold for $18.25 million, it was announced today.

The five-story, 9,995-squre-foot property (aka the Ackerman Institute for the Family building) went to a developer who wishes to remain anonymous. Eastern Consolidated brokers Ben Tapper and Marion Jones represented the seller, while their colleague Brian Ezratty worked with the buyer. The intricate transaction included a 12-month close and a deposit of roughly 45% of the sale price that would be releasable from escrow toward the purchase and renovation of new space.

149 East 78th Street.

149 East 78th Street.

“Timing and structure were critical as the sellers required both top-tier pricing and a long term close with a releasable deposit,” Mr. Tapper said in a prepared statement. “In the midst of negotiating the sale, Ackerman also had to find a new home that would pass muster with a discerning non-profit board.”

This was the latest in a series of deals coordinated by Eastern’s Not-for-Profit Services Group, whose recent assignments have included organizations like Memorial Sloan-Kettering Cancer Center, New School University and the Union of American Hebrew Congregations.

“The purchasers exhibited unusual patience in a hot market where most developers want a shovel in the ground as soon as possible,” Ms. Jones said in a prepared statement. “The non-profit could not close on the sale until they had purchased a new space and had time to renovate it.”

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