Eastern Consolidated brokers $20.65 million sale of 59-unit apartment building

SKI Realty, an affiliate of Memorial Sloan-Kettering Cancer Center, has acquired a 59-unit, fully decontrolled apartment building located at 425 E. 76th St. for $20.65 million. Eastern Consolidated senior director Deborah Gutoff with vice chairman Brian Ezratty and directors George Moss and Lipa Lieberman represented the seller Mann Realty, a major residential owner/operator/converter in the sale; while Ezratty and Gutoff procured the buyer. It was an all-cash transaction with a 30-day closing. "The acquisition was a terrific opportunity for Sloan Kettering given the building's decontrolled status," said Gutoff. "Because when the existing leases expire within the next two years, the units can be immediately re-captured and upgraded to create new housing units for doctors, students and other staff." The 35,573 s/f, post-war, 10-story, elevatored apartment building, situated between York and First Aves., is currently comprised of half studios and half two bedroom apartments. This is the second deal that Eastern and Mann Realty have closed in the past three months. Gutoff with colleague director George Moss exclusively represented Mann in the sale of a bulk package of 16 sponsor-owned condos in a new conversion at 314 West 100th St. for over $7 million. It was also the second deal Ezratty completed with Sloan Kettering in the last few years. He closed on 1133 York Ave. for $42 million, a 140,000 s/f development site upon which a new building will eventually be constructed. Allan Wieder, Esq., of Paul, Weiss, Rifkind, Wharton & Garrson LLP acted on behalf of the buyer, while Josh Graff, Esq., of Sukenik Segal & Graff PC represented the seller.