Boutique condo buildings tied to convicted Westchester developer sell again — for $38M

Buyer is a California-based data firm

Michael D’Alessio with 184 East 64th Street and 227 East 67th Street (Credit: Benjamin Zeitlin via YouTube)
Michael D’Alessio with 184 East 64th Street and 227 East 67th Street (Credit: Benjamin Zeitlin via YouTube)

A real estate data provider appears to have bought two luxury condominium buildings that once belonged to convicted fraudster Michael D’Alessio.

In February, Preferred Bank acquired the buildings — 184 East 64th Street and 227 East 67th Street — at bankruptcy auction for $17.5 million and $15 million, respectively. The lender initiated foreclosure proceedings on the properties last year.

The bank turned around and sold the Upper East Side properties for a total of just over $38 million to California-based Continuum Analytics LLC, property records filed Friday show. The building at 184 East 64th Street traded for about $24.7 million, the other for $13.3 million.

Messages left with Preferred Bank’s Nick Pi and Continuum weren’t immediately returned.

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Continuum, led by Deba Shyam, specializes in real estate data, providing metrics such as loan process data and distressed property data.

D’Alessio, who was once president and CEO of Westchester-based development firm Michael Paul Enterprises, recently was sentenced to six years of prison after pleading guilty to defrauding investors in a $58 million Ponzi scheme.

Michael Paul Enterprises and its broker Ryan Serhant at first hoped to sell the five units at 227 East 67th Street for $28.5 million. At D’Alessio’s 184 East 64th Street development, at one point five apartments there were on the market for a total of $42.5 million.