Gould Investors buys UES rental building with 60K unused sf

Families owned East 96th Street property for more than 40 years

TRD New York /
Jun.June 01, 2018 02:30 PM

Fred Gould and 153 East 96th Street (Credit: Youtube)

Fred Gould’s Gould Investors struck a $25.5 million multifamily deal on the Upper East Side.

The buyer closed on the purchase of the five-story building at 153-159 East 96th Street from the Wolfson and Zlotnick families, sources told The Real Deal.

The five-story elevator building spans 37,000 square feet — with almost 60,000 additional buildable square feet. Built in 1910, the property has 40 apartments. Rent in the building has averaged about $2,600, StreetEasy records show.

The price per unit comes out to $637,500.

The deal comes as New York City’s multifamily market is rebounding from last year’s slump. In the first quarter of this year, the market saw about $3 billion in dollar volume across 148 transactions, according Ariel Property Advisors. Almost half the money was concentrated in Manhattan, which saw $1.4 billion in dollar volume.

Sean Lefkovits and John Florek

Ivan Hakimian, Sean Lefkovits and John Florek of HPNY were involved in the transaction. Avi Szenberg of Szenberg & Okun served as the sellers’ legal counsel.

Gould Investors, a Great Neck-based investment firm, didn’t immediately respond to request for comment. The seller, which owned the building for more than 40 years, also didn’t immediately respond. HPNY and Szenberg & Okun declined to comment.

Elsewhere in the neighborhood, Icon Realty Management recently sold a five-story walk-up for $12.2 million.

Last November, Gould Investors secured $100 million of financing from AIG Investments for its building at 35 Irving Place.

Related Articles

Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)

New NYC rent law “beginning to shut down investment”

Numbers were down across the board (Credit: iStock)

New York’s multifamily market had its slowest first half of the year since 2011

Brokerage firms are strategizing ways to make up losses after the cost of application fees was capped at $20. (Credit: iStock)

Brokerages on rental application fee cap: “It hurts”

An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

Alex Rodriguez

Watch: A-Rod on the benefits and pitfalls of being a celebrity investor

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat