Lloyd Goldman sells Midtown East buildings for $18M

Buildings could give room to a 50K sf development

Oct.October 30, 2014 02:40 PM

Lloyd Goldman’s BLDG Management, together with Michael Alvandi’s City Urban Realty and Twin Oaks Equity, sold two properties in Midtown East for $18 million.

The buildings together span 20,750 Square Feet On Second Avenue between 49th and 50th streets, and come with 30,000 square feet of additional air rights. Gould Investors, a Great Neck-based real estate investment firm, is buying the properties and is looking to hold on to them long term. In total, the site could hold 50,000 buildable square feet. With an inclusionary zoning bonus, however, that number could go up to 60,000.

“It’s a future development site,” said Marcus & Millichap’s Joe Koicim, who brokered the deal along with colleagues Peter Von Der Ahe, David Lloyd and Corey Isdaner.

The buildings — two contiguous five-story walk-ups at 928 Second Avenue and 930 Second Avenue — include 32 units, 21 of which are rent stabilized. Two units are rent-controlled and the remaining seven are free-market. One the ground floor, the building offers two retail spaces with 50 feet of frontage alongside Second Avenue. One of the two spaces is currently vacant.

The three sellers acquired the Midtown East properties over the course of the last three years from two different sellers. Goldman is the nephew of real estate magnate Sol Goldman. The properties were acquired for $5.9 million each, city records indicate.

“Combined,” Koicim said, “they’re worth a lot more.”

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