Apartment building sold in all-cash transaction

Real Estate Weekly, June 16, 1993

Eastern Consolidated Properties, Inc. announced the sale of 115-119 East 92nd Street, a nine-story plus penthouse prewar apartment building with 100 feet of frontage just off Park Avenue in the exclusive Carnegie Hill section of Manhattan.

Brian Ezratty, senior vice president of Eastern, represented both the seller and the purchaser. The property was owned by Tobias Heller for more than 40 years and, in the height of the market, he had turned down offers of more than $8 million. At the age of 92, Heller decided to sell.

Numerous deals with overseas buyers to purchase 115-119 East 92nd Street fell apart over the past 10 months among them, a deal with an Italian group at $4.7 million and an Israeli group at $4.3 million. After the sale of the Hermitage, an 11-story building with 62 apartments located at 330 East 43rd Street for $4.3 million, 115-119 East 92nd Street appeared to be a bargain.

Ezratty sold the property to an investment client of the firm for $4.25 million all cash. The building has been maintained in immaculate condition and includes 57-apartments, three professional suites, and many large five room apartments.

The new owners plan to maintain the property as a rental building.