Eastern Consolidated reps. seller and procures buyer in $27.5m sale

A four-building residential package comprised of 50 apartments and eight commercial stores, located at 1343-1347 Second Ave. and 242 East 71st St., has traded for $27.5 million to a local residential operator and long-time property owner. Eastern Consolidated vice chairman Brian Ezratty and senior director Deborah Gutoff, both principals of the firm, with director Martin Ezratty, represented the seller, the estate of Dr. Manuel Stapen, which had owned and operated the properties for the past 25 years. Gutoff together with Eastern Consolidated senior director Azita Aghravi procured the buyer. The property was also sold with 48,975 s/f of air rights that eventually can enable the new owner to build a ground-up residential development of 82,120 s/f with as much as 16,424 s/f of commercial space. Attorneys in the transaction were: Andrew Albstein Esq. and Steven Uffner, Esq., of Goldberg, Weprin & Ustin for the seller; and Stuart Rich, Esq., of Meister Seelig & Fein LLP for the purchaser.