Eastern Consolidated sells 575 2nd Ave

Real Estate Weekly, July 7, 1993

Eastern Consolidated Properties, Inc. recently negotiated the sale of the apartment building known as Emerald Garden located at 577 Second Avenue between 31st and 32nd Streets. The property is situated across from Kips Bay and New York University Medical Center.

577 Second Avenue is a six-story plus penthouse apartment building which contains 38 units and three stores. The building had been gut renovated in 1988 into luxurious units which the developer had planned to sell as individual condominiums.

The luxury market dropped and the property was put in foreclosure by Metrobank which was subsequently taken over by the Resolution Trust Corporation. 577 Second Avenue was sold as part of an RTC package that was purchased by the seller.

The purchase price was in excess of $2 million dollars cash. The brokers involved which represented both the purchaser and the seller were Joshua Field, Brian Ezratty and Azita Aghravi, all of Eastern Consolidated Properties, Inc.

The seller which is headquarter in Miami, Florida was represented locally by the law firm of Friedman, Krauss and Zlotolow. The purchaser, a private investment client of the firm was represented by Steve Kaplan, Esq. of the firm McLaughlin, Stern, Ballen & Ballen. The current owners plan to continue operating the property as a rental building.