The Real Deal New York

Minuit buys Lenox Hill portfolio for $19M

By Adam Pincus | August 22, 2011 03:24PM

The Midtown-based investment firm Minuit Partners purchased a portfolio of seven buildings and a parking lot in Lenox Hill for $19.6 million.

The package of buildings includes 46 apartment units, seven retail storefronts and about 175,000 square feet of development rights, giving it a price per foot of about $111, Jason Enters, a principal with the buyer, said. The sale closed this past Friday, he said. It has not yet appeared in public records.The seller was the estate of Arthur Brown, co-founder of a successful Manhattan plumbing company called Holby Valve, who died in 2007. At one time, Brown and his brother owned about two-dozen buildings, Brown’s nephew and only surviving heir, Michael Fleischer, said.

Although the portfolio was marketed as a potential development investment, the plan now is to lease the buildings up, Enters said.

“We are re-tenanting the properties with the notion of improving them and holding them,” Enters said. Minuit Partners is led by Enters and David Cheng, former Madison Capital executives.

The portfolio is comprised of 1160 and 1162 First Avenue, between 63rd and 64th streets; 1144-1150 Second Avenue and 1158 Second Avenue all between 60th and 61st streets; and the parking lot at 323 East 60th Street between First and Second avenues.

Of the existing 46 residential apartments, 21 are vacant and 25 are occupied. Of the occupied units, 20 are subject to the state’s rent-regulation laws. The seven retail storefronts are currently vacant.

The estate was represented by a team at Eastern Consolidated led by David Schechtman and Lipa Lieberman, along with Peter Hauspurg, Ronda Rogovin, Marion Jones Pavone, Ety Lee and Scott Ellard. Eastern Consolidated brought the property to market late last year, asking $26 million. Schechtman and Lieberman also represented the buyer.

Fleischer said about a half-dozen of the tenants were Holby Valve employees who lived in apartments at no cost. They moved out either to work at the company that bought Holby earlier this year, which is based in Newark, N.J., or retired, Fleischer said.

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