The Real Deal New York

Glenwood acquires potential UES development site for $31M

By Katherine Clarke | April 02, 2013 11:45AM

An LLC linked to rental-leasing giant Glenwood Management has acquired two adjacent buildings on East 86th Street between Madison and Park avenues for a combined $31 million, according to public records filed with the city today. Mortgage documents list one of the partnership’s co-managers as Glenwood vice president Howard Swarzman.

The LLC paid $22.2 million for a four-story townhouse at 60 East 86th Street owned by Columbia University’s Mailman School of Public Health and $8.8 million for a six-story rental building owned by Morgan Holding Capital, records show. The buildings sit on lots 3,068 square feet and 2,155 square feet respectively, according to PropertyShark.com.

While it was not immediately clear what Glenwood’s plans are for the two properties, the townhouse comes with more than 20,000 square feet of air rights, which are not subject to landmarking or historic district designation. The adjacent building at 58 East 86th Street comes with an additional 13,274 square feet of air rights, PropertyShark.com shows.

No plans for the buildings have been submitted to the Department of Buildings. Neither Swarzman nor a spokesperson for Glenwood was immediately available for comment. Columbia did not respond to a request for comment.

The townhouse, which formerly served as home to the International Longevity Center, became a part of the Mailman School in 2011 when it was acquired by Columbia for $15 million. The property comprises a total 11,200 square feet and is uncharacteristically broad for a Manhattan townhome.

  • G8RinATL

    Who is providing construction financing for this? Would be curious to know!