Chetrits Under Contract to Buy UES Rental Building for $35M
By Cathy Cunningham September 14, 2023 3:12 pm
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What’s up, Upper East Siders? A $35 million investment sale — that’s what.
Joe Chetrit and Jacob Chetrit are under contract to buy 1009 Park Avenue, a luxury multifamily building between East 84th and East 85th streets in Manhattan’s Park Avenue Historic District, Commercial Observer has learned.
The asset—currently owned by Parkton Associates— is set to change hands for $35 million. Newmark’s Adam Spies, Adam Doneger, Michael Collins and Doug Harmon are said to have led the sale, and Newmark’s Dustin Stolly, Jordan Roeschlaub and Daniel Fromm are said to now be in the market arranging the financing for the deal.
Built in 1924, the building was designed by architect Emery Roth and renovated in 1985.
According to sources familiar with the sale, the 14-story property is one of only two rental buildings on Park Avenue, making it an especially unique investment opportunity for the Chetrit brothers.
It also sits in a pretty prime position, close to Central Park, The Metropolitan Museum of Art and several upscale restaurants and retail stores.
The 59,000-square-foot building features 26 residences — ranging from studios to five-bedroom units — six of which are rent stabilized. It also includes two commercial units, which are currently fully leased to two plastic surgeons.
The sale is expected to close within the next 60 days, sources said, and it won’t be the Chetrit family’s first investment in the ritzy neighborhood.
Joe Chetrit’s Chetrit Group also owns Yorkshire Towers at 305 East 86th Street and Lexington Towers at 160 East 86th Street with partner Stellar Management — the firm bagged a mammoth CMBS refinance for the buildings last year before the market went into a deep freeze — and is also planning a 20-story condo project at 260 East 72nd Street that will include 53 residences and 3,400 square feet of commercial space, The Real Deal reported.
The same Newmark team also recently led the roughly $180 million sale of The Sierra, a luxury multifamily building at 130 West 15th Street on behalf of Related Companies, as first reported by CO. The 213-unit property sold to Pacific Urban Investors and the California Public Employees Retirement System (CalPERS) in August.
Chetrit and Parkton Associates officials couldn’t immediately be reached for comment. Newmark officials declined to comment.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com.
