The Real Deal New York

Ditmas Management buys UES resi building for $55M

The firm is funding the purchase with an $11M Capital One loan
By Christian Bautista | November 07, 2018 12:15PM

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.