The Real Deal New York

Capstone exec buys Lenox Hill co-op for $12M

Pad is no Playboy Club, but it overlooks Central Park
By Kathryn Brenzel | November 30, 2015 12:27PM

It may not be a former Playboy Club, but a Lenox Hill co-op managed to capture the attention of Capstone Equities principal Daniel Ghadamian.

Ghadamian and his wife bought a three-bedroom co-op at 33 East 70th Street for $11.6 million, according to property records filed with the city Monday. The 11th-floor apartment has views of Central Park from the living room, dining room, master bedroom and library, according to the listing. Roger Gillen and Gregory Roache of Brown Harris Stevens handled the listing.

It’s been a busy year for Capstone, which is part of a team planning to overhaul a former Playboy Club in Midtown Manhattan. The firm, along with GreenOak Real Estate, is renovating the former Playboy Club at 5 East 59th Street. The partnership, which purchased the nine-story office building for $85 million, plans to reposition the building as a retail showroom with office space on the upper floors.

Earlier this year, Capstone and Slate Property Group sold a development site at 1 Flatbush Avenue for $59 million, a record deal in terms of price paid per square foot for a Downtown Brooklyn site. Slate and Capstone had purchased the two-story building a year before for $35 million.

Ghadamian’s father, Morad Ghadamian, had a busy year. In February, he bought a 50 percent stake in Central Park South’s Hilton Garden Inn from Starwood Capital Group.