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New York

Pre-war condo conversion opp hits the market on Park Avenue

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The pre-war, Sylvia Bien-designed rental apartment building at 737 Park Avenue is about to hit the market, and the Katz family, which owns it, is hoping that the opportunity for a condominium conversion will help them get up to $250 million for the property, according to the Post. The building, which sits on the northeast corner of 71st Street, across from the tony co-ops at 720 and 740 Park Avenue, has 108 units averaging more than 1,800 square feet, with around 30 percent of them currently home to rent-stabilized tenants. Among those rent-stabilized tenants is Carol Cohen, the
Corcoran Group broker who was sued by the Katzes late last year for
allegedly lying about her income in order to prevent rent increases on
the $3,060-a-month unit she had been sharing with her husband. She was removed
from Corcoran’s website shortly thereafter, and it’s not clear whether she still lives in the building. Meanwhile, the Katzes have enlisted a Jones Lang LaSalle
marketing team led by Jon Caplan to help them sell the property. [Post]

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CorcoranJLLJon Caplan