Itzhaki Acquisitions Picks Up Midtown East Building That Is Home to Katagiri for $11.4M
Lauren Elkies Schram May 10, 2016, 5:05 p.m.
After having a five-story residential Midtown East building in his family for over 50 years, Richard Klaffky has sold it to Itzhaki Acquisitions for $11.4 million, Commercial Observer has learned. The property has been home to Katagiri Japanese grocery store for decades.
“It’s pretty typical of our acquisitions over the last three years or so,” said Elie Mansdorf, the director of acquisitions for Itzhaki. The firm, he added, has been focused on multi-family and multi-use Manhattan properties and holds them for “the long haul.”
The 11,900-square-foot residential rental walkup building at 224 East 59th Street between Second and Third Avenues is a five-story building with seven rent-stabilized apartments and nine vacant units, a source with knowledge of the deal said.
Itzhaki “will fix the rental units and rent them in a better position,” the source said.
Katagiri is in 2,300 square feet on a 10-year lease, the source said.
“They’re a great tenant,” Mr. Mansdorf said when asked if Katagiri would remain.
Venture Capital Properties‘ Itan Rahmani represented the buyer and his colleague Jeremy Aidan represented the seller in the off-market deal. They declined to comment.