Glenwood Management makes rare sale with Upper East Side deal

Hirschfeld Properties is buying 207 East 94th Street for $29M

New York /
Dec.December 12, 2019 01:45 PM
207 East 94th Street, Glenwood Management’s Carole Pittelman and Hirschfeld Properties’ Elie Hirschfeld (Credit: Google Maps)

207 East 94th Street, Glenwood Management’s Carole Pittelman and Hirschfeld Properties’ Elie Hirschfeld (Credit: Google Maps)

When Glenwood Management’s Leonard Litwin died at age 102 in April 2017, he said in his will that his heirs should avoid selling any of the company’s buildings. But the firm apparently saw that as more of a guideline than a rule.

Glenwood has decided to make a rare departure with one of its buildings, as Hirschfeld Properties’ Elie Hirschfeld bought the company’s office property at 207 East 94th Street for $28.5 million, according to sources familiar with the deal. The building stands five stories tall and spans about 39,000 square feet.

Glenwood had owned the building since at least 1985, according to property records.

Kassin Sabbagh Realty's Bunny Escava, Dan Myers and Jared Rahmanan

Kassin Sabbagh Realty’s Bunny Escava, Dan Myers and Jared Rahmanan

A Kassin Sabbagh Realty team of Bunny Escava, Dan Myers and Jared Rahmanan brokered the deal for both sides. They could not be reached for comment.

Hirschfeld said he was interested in the property because of its location and its tenants, noting that the building came 100 percent occupied.

“It’s not so easy to find a commercial property that is already well developed and has a future on the east side,” he said.

His company is in the midst of renovating the space for Mt. Sinai, the largest tenant in the building.

Representatives for Glenwood did not respond to a request for comment. The company rarely sells properties. Its last sale appears to have been roughly four years ago, when Glenwood sold a 265-unit rental building on the Upper East Side for nearly $140 million.

Luxury residential towers along the Upper East Side have long been the core of Glenwood’s business, and the company landed a pair of refinancings for them earlier this year: $127 million from Prudential for the Fairmont at 300 East 75th Street and $102 million from Prudential for 1365 York Avenue. Litwin’s daughter Carole Pittelman has been running the firm since his death.

Hirschfeld said he was not sure why Glenwood decided to break with its longstanding business practice and part with one of its buildings.

“I don’t know,” he said. “I didn’t need to ask.”


Related Articles

arrow_forward_ios
Joan Rivers and 1 East 62nd Street (Getty, Sotheby's)
Joan Rivers’ longtime UES penthouse hits the market for $38M
Joan Rivers’ longtime UES penthouse hits the market for $38M
From left: 944 Fifth Avenue, 67-69 East 93rd Street and 15 East 88th Street (Google Maps)
Three Manhattan sellers aim high asking $25M+ for luxury pads
Three Manhattan sellers aim high asking $25M+ for luxury pads
Businessman Ron Perelman (Getty, Serena Boardman)
Ron Perelman publicly lists Upper East Side townhouse with price cut
Ron Perelman publicly lists Upper East Side townhouse with price cut
Renderings of 310 East 67th Street and Longfellow Real Estate Partners CEO Adam Sichol (Friends UES, Rendering by DBOX, Longfellow)
Blood Center’s plans for big Upper East Side HQ draw criticism
Blood Center’s plans for big Upper East Side HQ draw criticism
Ron Perelman and 35-39 East 62nd Street (Getty, Google Maps)
Big discounts on sale of Perelman properties and loans
Big discounts on sale of Perelman properties and loans
1135 Lexington Avenue and Nir Meir (Google Maps, iStock)
Judge rules against Nir Meir in HFZ’s $19M default case
Judge rules against Nir Meir in HFZ’s $19M default case
Philip Falcone and his homes at 142 Crestview Lane in Sagaponack and 22 East 67th Street (Getty, Corcoran, Google Maps)
Phil Falcone files appeal halting foreclosure of UES, Hamptons homes
Phil Falcone files appeal halting foreclosure of UES, Hamptons homes
Philip Falcone and his homes at 142 Crestview Lane in Sagaponack and  22 East 67th Street (Getty, Corcoran, Google Maps)
Foreclosure on Phil Falcone’s homes can move forward
Foreclosure on Phil Falcone’s homes can move forward
arrow_forward_ios

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

Loading...