The Real Deal New York

Manocherians sell six UES rental buildings for $48M

Buyer S.W. Management gains control of 150 units

May 01, 2014 03:00PM
By Hiten Samtani

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Aaron Jungreis and 427 East 83rd Street (Credit: PropertyShark)

Aaron Jungreis and 427 East 83rd Street (Credit: PropertyShark)

UPDATED, 3:29 p.m., May 1: Pan-Am Equities, owned by members of the prominent Manocherian family, has sold six Upper East Side rental apartment buildings for $47.8 million, according to property records filed with the city today.

Pan-Am sold three contiguous  five-story buildings on East 81st Street (413-417 East 81st Street) for $13.3 million and three contiguous five-story buildings on East 83rd Street (427-431 East 83rd Street) for $26.5 million. The buildings contain 150 rental apartments in total, several of which are rent-stabilized.

The buyer was New Rochelle-based property manager S.W. Management. Rosewood Realty Group’s Aaron Jungreis brokered the deal.

In March, Pan-Am paid $48.2 million for two commercial condos at 140 East 63rd Street, which total about 45,000 square feet of space, as TRD reported.

The Manocherians are among the Persian families – such as the Elghanayans and the Kalimians — who rose to prominence in New York real estate during the 1970s. Representatives for Pan-Am Equities and S.W. weren’t immediately available for comment.

Correction: A previous version of the story misstated the total purchase price for the package. It was $47.8 million.

  • Sh!t My Tenants Say

    I wonder how much they left on the table by not putting the listing out there….

    • operator

      I don’t think they left much money on the table. The buildings have not been worked in a long time.

    • moneytalks

      This is Jungreis. You know he is a dealmaker. Sellers trust him.

    • anon

      Buyers love him because he gets them deals. He sells things fast but under priced.

  • Snowy

    The most expensive hobby a rich man could have is a boat, and the second most expensive hobby he could sell the old ones and opt for new ones to enjoy his life. http://www.lefrois.com/what-we-do/real-estate-development/

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