Real Estate Weekly
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Deals & Dealmakers

Retail Space at Barbizon 63 sells for $48.2M

Greg Manocherian, a real estate investor whose family also owns the New York Health and Racquet club, has purchased a two retail units at the base of Barbizon 63, Equus Capital’s condominium building on East 63rd Street and Lexington Avenue in the Upper East Side.

The two units together total 45,000 s/f and the purchase price was $48.2 million, according to the sellers.

Bob Knakal
Bob Knakal

The two units are occupied under long-term leases by NYHRC competitors, Equinox and Soul Cycle.
Clint Olsen and Robert Knakal of Massey Knakal represented both parties in the transaction.

“In general the location was fantastic, you had a great tenant and the quality of the space was excellent,” Knakal said.

An affiliate of Equus acquired the Barbizon Hotel for Women in 2001 and operated it as the Melrose Hotel until 2005. Equus completed its redevelopment of the former hotel into 70 luxury condominium residences in 2007. The residential units sold at an average sale price in excess of $2,000 psf, according to the developer.

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