Torkian Group Buys 3-Property Lenox Hill Development Site for $25M
By Isabelle Durso October 1, 2024 3:03 pm
reprints
The Torkian Group has acquired Copperwood Real Estate’s three-property development site at 1382-1386 Second Avenue in Lenox Hill for $25 million, according to city records made public Monday.
Torkian also paid Copperwood $3.76 million for air rights from a neighboring property at 1388 Second Avenue, according to PincusCo, which first reported the deal. Torkian made the purchases through the entity 301 East 71 Investors, while Copperwood used the entity RSL 1382-1386 Second, records show.
Hersel Torkian of Torkian signed for the buyer, and Daniel Smith and Robert Lemle from Copperwood were the signatories for the seller, records show. Spokespeople for Torkian and Copperwood did not immediately respond to requests for comment.
“[This] is a prime corner development site that generated considerable interest from various potential developers, underscoring the rising demand for high-quality opportunities in desirable neighborhoods,” Meridian‘s Helen Hwang, who represented Copperwood, said to Commercial Observer.
Ariel Property Advisors’ Victor Sozio, Shimon Shkury and Remi Mandell, who brokered the deal for both sides, declined to comment.
Ariel started marketing the total 57,880-square-foot development site for sale for $29 million in September, according to PincusCo. The site has a total of 18 residential units and six ground-floor retail units.
Before Copperwood decided to sell the three buildings as a development site, there had been a business disagreement over whether the property should be operated as an ongoing enterprise instead, PincusCo reported. Lemle even filed a lawsuit in March in New York State Supreme Court seeking the sale of the assets at the site.
It was finally agreed that the parcels would be sold as a development site, and now Torkian will take over as its new owner. It’s unclear what Torkian plans to do with the site.
Torkian’s other projects in Manhattan include its Greenwich House Lofts at 110 Greenwich Street, which the developer bought for $52.9 million from 110 Greenwich Street Associates in 2014, as CO previously reported.
It also owns residential buildings Solari at 42 West 33rd Street, The Cameo NYC at 311 West 50th Street and The York at 488 Seventh Avenue, according to its website.
Isabelle Durso can be reached at idurso@commercialobserver.com.
