The Maidman family, which owns and manages around 1,000 rental units in New York through its firm Townhouse Management Company, sold off one of its Upper East Side buildings.
The five-story, 40,320-square-foot property at 322-326 East 82nd Street sold for $27 million, or $699 per square foot, to an unidentified French investor who plans to renovate some of the apartments and upgrade the building’s common spaces.
Barak Jacobov of GFI Realty Services represented Maidman, while Erik Yankelovich of GFI represented the French investor, who bought the building off the back of a 1031 exchange.
The building’s 67 apartments, which are subject to rent regulation in exchange for tax benefits under the city’s J-51 program, can be deregulated beginning in 2017, providing plenty of upside for the investor, Yankelovich said.
Erik Yankelovich and Barak Jacobov of GFI
“This is his fourth investment in the states,” Yankelovich said, referring to the buyer. “He feels like this is a safe place to put his money.”
As for the Maidmans, led by patriarch Richard Maidman, they’re focusing more on development these days, Jacobov said.
“They’re pushing more into development so it made sense to monetize this asset,” Jacobov said of the family, which had owned the property for nearly 40 years.
Investors Bank provided $15.2 million in financing for the deal. The financing was brokered by Roni Abudi, also of GFI.