The Real Deal New York

Parkoff pays $10M for UES building

April 23, 2010 02:59PM
By Adam Pincus

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Great Neck, LI-based property owner Parkoff Organization purchased an Upper East Side mixed-use building at 1248-1250 Lexington Avenue for $10 million yesterday, a broker on the deal said.

The five-story building at the corner of Lexington and 84th Street has 24 mostly rent-stabilized apartments and six commercial units, including one that is home to Mimi’s Pizza Kitchen.

City property records listed the seller as Sussex Associates.

Adam Parkoff, principal with the buyer, said his firm bought it because of the steady residential and retail demand on the Upper East Side.

“We believe the Upper East Side will always be a vibrant and energetic community,” he said. His firm owns approximately 4,000 residential units in about 60 buildings in Manhattan and the outer boroughs.

The family that controls Sussex Associates was burned by Ponzi scammer Bernard Madoff, public records show. The estate of Lillian Malkin, a deceased member of the family, was included on a public list of Madoff’s victims.

David Schechtman and Marcia Yawitz, both senior directors at Eastern Consolidated, represented both Sussex and Parkoff on the property, which sold for $542 per square foot.

When asked about the Madoff connection, Schechtman said he had been unaware of it and it did not affect the sale.

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