The Real Deal New York

Stanley Wasserman scores $232M loan for UES portfolio 

Deutsche provides financing for investor's $310M purchase of Elghanayan package 

March 17, 2016 04:10PM
By Rich Bockmann

From left: 355 East 72nd Street, a development site at 1179-1183 Second Avenue and 250 East 63rd Street

From left: 355 East 72nd Street and 250 East 63rd Street

Stanley Wasserman’s S.W. Management secured a $232 million acquisition loan from Deutsche Bank for a pair of Upper East Side multifamily buildings the company purchased for $310 million.

The Westchester County-based landlord closed last week on the purchase of 355 East 72nd Street and 250 East 63rd Street last week, property records filed with the city Thursday show. Wasserman entered contract back in November, as The Real Deal reported.

The two buildings, which hold a combined 330 rental units, were part of a three-property portfolio that members of the Elghanayan real estate family put on the market in June. The price works out to $831 per square foot.

S.W. decided, however, not to purchase a development site next to the 63rd Street building that was part of the offering.

Aghadjan “John” Elghanayan, whose nephews founded Rockrose Development and TF Cornerstone, had assembled the portfolio over several years. Elghanayan died in 2003.