The Real Deal New York

Manocherian family picks up UES rental
for $90M

Pan Am Equities buys 50-unit 103 East 86th Street from Stonehenge Partners
By Rich Bockmann | January 15, 2019 03:45PM

From left: Scott Solomon, Ofer Yardeni and 103 East 86th Street (Credit: Samuel Waxman Cancer Research Foundation and Google Maps)

The Manocherian family is adding to its vast multifamily empire with a $90 million rental building on the Upper East Side.

The family’s Pan Am Equities bought the 50-unit Stonehenge 86 building at 103 East 86th Street from Ofer Yardeni’s Stonehenge Partners, sources told The Real Deal.

The purchase price works out to $1.8 million per unit.

Representatives for Pan Am and Stonehenge could not be immediately reached for comment.

Stonehenge bought the 13-story pre-war building, built in 1914, for $76 million in late 2012 from Richard Scharf’s Abro Management, property records show.

Under Stonehenge’s ownership, the number of rent-stabilized apartments in the building decreased from 20 to 13 units, records with the city’s Department of Finance show.

The deal is the latest sale for Yardeni’s Stonehenge, which has been quiet on the buy side in the past few years.

In April, Stonehenge sold a three-building, 420-unit rental complex on the Upper West Side known as Stonehenge Village to A&E Real Estate Holdings for $287 million. And earlier in the year the company sold a six-story, 54-unit property in Harlem for $44 million to Akelius Real Estate Management.

Stonehenge last year also refinanced a trio of luxury rental buildings in Manhattan to the tune of $132 million.

In 2014, SL Green bought out Yardeni’s former partner, Joel Seiden, and picked up his 49-percent stake in Stonehenge’s 23-building portfolio. But supplemental materials from SL Green’s third-quarter earnings presentation show the real estate investment trust owns only a 1 percent interest in the Stonehenge 86 Property.

Pan Am Equities, meanwhile, adds to a multifamily portfolio that the family – which is one of the Persian families such as the Elghanayans and the Kalimians that rose to prominence in New York real estate in the 1970s – has been growing for decades.

Late last year the company, headed by CEO Scott Solomon, refinanced a Manhattan portfolio for $60.6 million.