The Real Deal New York

Lalezarian buys Sutton Place rental for $25M

Company is funding the purchase with a $13 million loan
By Christian Bautista | August 10, 2018 05:50PM

222 East 56th Street and Kevin Lalezarian

Long Island-based Lalezarian Properties bought a five-story apartment building in Sutton Place for $25 million.

The property, at 222 East 56th Street, sits mid-block between Second and Third avenues. It contains 60 rental apartments and spans 30,600-square feet. The property has an allowed usable floor area of 112,980 square feet, according to PropertyShark.

Kevin Lalezarian, a principal at Lalezarian Properties, confirmed the transaction. He said that the company plans to hold the asset long-term. The firm is funding the purchase with a $13 million mortgage from Bank of New York Mellon, according to records filed with the city on Friday.

The acquisition expands Lalezarian’s Manhattan residential portfolio. The company is currently building a 39-story rental building at 515 West 36th Street. The property, designed by Ismael Leyva Architects, will contain 251 apartments.

Its other residential holdings include 319 10th Avenue near the High Line and 100-102 Charlton Street in Hudson Square.

The seller is Rockville Centre-based Huguel Corporation, represented by lawyer Elizabeth Botwin.