Eastern earns top dollar on Park Avenue original

Real Estate Weekly, Oct 20, 2004

Eastern Consolidated Properties, Inc. has reported the sale of 823-825 Park Avenue for $60,750,000.

The property, located between East 75th and 76th Streets, is an attractive pre-war 12-story vacant elevator apartment building with as-of-right 69,000 buildable square feet.

The property has 60 feet of frontage on Park Avenue. It was originally constructed in 1920 subsequently renovated in 1989.

According to Azita Aghravi, Senior Director at Eastern Consolidated Properties, "This sale is one of the highest price per square foot ever paid for a vacant residential building in New York City and it is one of the last pre-war buildings remaining on Park Avenue which has not been converted into a condominium or a cooperative."

The property, was purchased at auction in August, 1994 by Robert Manocherian of the Manocherian Brothers from The City of New York for $4,175,000.

The purchaser, Ziel Feldman of Property Markets Group, plans to convert the building to condominium ownership featuring one apartment per floor.

Azita Aghravi, Senior Director at Eastern Consolidated Properties represented both the seller and the purchaser, who are long-time investment clients of the firm.