The Real Deal New York

Manocherians sell six UES rental buildings for $48M

Buyer S.W. Management gains control of 150 units
By Hiten Samtani | May 01, 2014 03:00PM

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.