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Deals & Dealmakers

Chetrit, Gluck buy $500M Upper East Side portfolio

Schneider & Schneider, Inc. announced that Yorkshire Towers and Lexington Towers, two Upper East Side residential buildings with a combined 861 rental units, have been sold by their ownership entities to a venture controlled by The Chetrit Group and Laurence Gluck.

Daniel Geiger at Crain’s NY Business reported the sale price at nearly $500 million.

Yorkshire Towers
Yorkshire Towers

The buildings, 305-315 E. 86th Street and 160 E. 88th Street in Manhattan, were both constructed in 1964 and feature a mix of market-rate and rent-regulated units, as well as significant retail and professional space.

Lynn C. Schneider, president and Donna M. Zavattieri, executive vice president, of Schneider & Schneider, managing agent for the properties, acted as exclusive broker in the transaction. Michael Lefkowitz, William Byers, and Patricia Cleary of Rosenberg & Estis, P.C. represented the sellers while Josh Graff of Sukenik, Segal & Graff, P.C., represented the purchasers.

 Yorkshire Towers, a 707-unit, a 700,000 s/f plus doorman building located at 305-315 E. 86th Street, offers a variety of apartment sizes, many with terraces and skyline views.  The building has a total of 30,000 s/f of retail space, and building amenities include a formal concierge desk, an indoor swimming pool and gym, and an indoor parking garage.

Lexington Towers, a 154-unit, a 140,000 s/f doorman building located at 160 E. 88th Street, features retail and professional office tenants and an indoor parking garage on the premises.

 

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