Lightstone Group has purchased a residential rental building at 40 East End Avenue between East 81st and East 82nd Streets for $32.5 million in an all-cash deal, Commercial Observer has learned. The seller was Emanuel Cherney, according to Lightstone.
Lightstone intends to demolish the six-story, 40-unit 1920 elevator apartment building and replace it with an 18-story, 30-unit condominium, according to Mitchell Hochberg, the president and chief operating officer of Lightstone. Amenities will include a fitness center, residents’ lounge and library, private dining, children’s playroom/game room and indoor residents-only parking.
Lighstone has tapped Deborah Berke Partners is the creative director for the project. The architect has yet to be determined.
Adam Mahfouda of Oxford Property Group represented the buyer in the May 14 deal. He declined to comment. The seller’s broker, Terry di Paolo from Citi Habitats, declined to comment. Mr. Cherney wasn’t immediately reachable for comment.