The Real Deal New York

Rubin Schron buys UES rental building for more than $90M

On heels of Coney Island deal, developer purchases 12-story property at 1501 Lexington Ave.
January 20, 2015 08:30AM

Rubin Schron is buying a 12-story property on the Upper East Side for more than $90 million.

Schron’s Cammeby’s International is purchasing the building from the Sigety family, who developed the tower at 1501 Lexington Avenue — located at 97th Street — about 15 years ago. That acquisition came at a time when there weren’t Many Luxury Towers Above 96th Street, according to the Wall Street Journal. The property has 160 units and 5,700 square feet of retail space.

Schron is also planning to build a 40-story mixed-use, residential tower in Coney Island. In November, the developer partnered with Borough Park-based investor David Werner and the Cohen family to buy the land under 100 West 57th Street for $285 million.

The Sigety family’s patriarch started out as the operator of nursing homes, but realized that his properties would be more valuable as residential developments, the newspaper reported.

Eastdil Secured’s Doug Harmon, Adam Spies and Jean Celestin marketed the building.

“Rental property for sale is as hot as I’ve ever seen it,” Harmon told the newspaper. [WSJ, 1st] — Claire Moses