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