Ditmas Management buys UES resi building for $55M

The firm is funding the purchase with an $11M Capital One loan

New York /
Nov.November 07, 2018 12:15 PM

160 East 89th Street (Credit: Google Maps)

Long Island-based multifamily owner Ditmas Management bought an apartment building in the Upper East Side for $55.1 million.

The property, at 160 East 89th Street, is an eight-story rental building that spans 64,000 square feet. It contains 51 apartment units and is just a few blocks away from Central Park.

The seller is a partnership headed by William J. Diamond, who appears to be the former commissioner of the New York City Department of Citywide Services, according to a 1996 wedding announcement in the New York Times. Diamond, who served under the Giuliani administration, has since gone on to become a politician in Florida, serving as a town councilman in Palm Beach. A 2007 application filed with the city’s Department of Buildings for the construction of the building’s penthouse glass conservatory was notarized in Palm Beach.

Ditmas Management owns multifamily properties in Manhattan and Brooklyn. Its assets include 347-351 East 58th Street, a trio of five-story residential buildings in Sutton Place, and 477 3rd Street, a 20-unit apartment building in Park Slope.

The firm is funding the purchase with an $11.3 million loan from Capital One. Ditmas’ Aaron Sirulnick, the signatory in the deed, did not immediately return requests for comment, and Diamond could not be reached for comment.

A CBRE team led by Dan Kaplan represented the seller. The broker declined to comment on the deal.


Related Articles

arrow_forward_ios
Terreno Realty CEO W. Blake Baird and an aerial of the property (Google Maps)
Terreno Realty pays $44M for NJ industrial site
Terreno Realty pays $44M for NJ industrial site
Madison Realty Capital Co-Founders Josh Zegen and Brian Shatz with a rendering of the River North development (Madison Realty Capital, FXCollaborative)
Madison Realty’s altered plans for SI complex approved
Madison Realty’s altered plans for SI complex approved
Pandemic forces mom-and-pop landlord to sell out
Pandemic forces mom-and-pop landlord to sell out
Pandemic forces mom-and-pop landlord to sell out
(Getty)
Manhattan buyers shun fixer-uppers
Manhattan buyers shun fixer-uppers
Sheldon Solow and the Hamptons estate (Getty, Douglas Elliman)
Sheldon Solow’s Hamptons home gets $10M price cut
Sheldon Solow’s Hamptons home gets $10M price cut
PBC's Eli Elefant and 452 Fifth Ave (PBC)
Elefant’s PBC to liquidate $2B in US real estate, including HSBC building
Elefant’s PBC to liquidate $2B in US real estate, including HSBC building
Investors home purchases rose to 15 percent in the second quarter, a year-over-year increase of 3.9 percentage points. (iStock)
Investors take bigger bite of US housing, and pay less
Investors take bigger bite of US housing, and pay less
Chinese developer willing to sell Manhattan supertall site at big loss
Chinese developer willing to sell Manhattan supertall site at big loss
Chinese developer willing to sell Manhattan supertall site at big loss
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...