The Real Deal New York

Six UES walk-ups hit market for $49M

Zoning allows for 76K buildable square feet along York Avenue assemblage

January 27, 2016 08:00AM
By E.B. Solomont

1622York

From left: 1622-1632 York Avenue and Michael Tortorici

The longtime owner of six walk-up buildings on the Upper East Side has put the properties on the market with an asking price of $49 million, sources told The Real Deal.

 The properties, located at 1622-1632 York Avenue in Yorkville, are comprised of three- and four-story residential buildings with retail at the base. The assemblage, at the intersection of York and 86th Street, is zoned for a combined 76,000 square feet development as-of-right. Together, the buildings have 175 feet of retail frontage on York.

Property records list the owner as Waidmann Realty Corp., a company associated with landlord Jacques Chretien. Chretien owned five of the six buildings for decades – including 1622, 1626, 1628, 1630 and 1632 York —  and in 2009 filled in the assemblage’s missing piece by acquiring 1624 York for $2.75 million, property records show.

Ariel Property Advisors’ Michael Tortorici, Victor Sozio, Shimon Shkury, Howard Raber, Randy Modell and Jesse Deutch are representing Waidmann.

The Upper East Side is currently experiencing a residential development boom, fueled in part by the projected opening of the first phase of the Second Avenue subway in late 2016. “There’s a lot going on in the area,” Tortorici said.

Property records show that Chretien owns several properties around the city, including 109 Audobon Avenue in Washington Heights and three properties in West Harlem. Last year, his estate sold a six-story building at 140 Wadsworth Avenue in Washington Heights to Crest Realties for $9 million.

Kyna Doles contributed reporting.

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