Beach Lane Management, a Hartsdale, New York-based firm, bought a five-story Upper East Side apartment building for $27.5 million.
The seller of the 16-unit, 11,000-square-foot building at 1064 Madison Avenue between East 80th and East 81st Street is White Plains firm the Goldberg Group, property records show. The firm acquired the property for $26 million in 2014.
Beach Lane, which declined to comment, is funding its acquisition with an $8 million loan from Metropolitan Commercial Bank. The company plans to upgrade and hold the property for the long term, according to a source with knowledge of Beach Lane’s plans.
The building’s ground floor retail is currently home to Eli Zabar’s E.A.T. Cafe. The tenant sued Goldberg Group last February, Reuters reported at the time. According to the lawsuit, Zabar claimed that he was being bullied and harassed him into vacating the space, and that the cafe was issued notices for eight lease violations in a span of just over two weeks.
E.A.T. Cafe is the last remaining tenant in the building, the complaint said. Zabar, whose lease in the property runs until 2022, was seeking $5 million in damages.