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New York Trivia |
East Side apartment building added to new family tree Manocherians buy rental property By Lore Croghan, Craines New York Business - July 10, 2001 The Manocherian family paid $20 million for a 13-story doorman apartment building at 225 E. 70th St., in a deal that seems pricey but that should pay off as rents are increased. Brothers Jeffrey and Donald and their cousin Alan Manocherian bought the 92-unit luxury rental property between Second and Third avenues from Lynn Diamond of Bruges Realty. "They bought a Mercedes that's not going to make any money for three or four years-then the leases will expire," says Marc Lewis, the president of Marc Lewis Realty Corp., who brokered the deal. Mr. Lewis was the rental agent for Ms. Diamond, whose parents had bought the property a quarter-century ago. For a couple of years, Mr. Lewis had been telling her: "Now is the time to sell. We're at the top of the market. Take your profits." Despite her emotional attachment to the building, she decided late last year to take his advice and hired him to find a buyer. Mr. Lewis sought out the Manocherians, who have a long-term investment outlook. He got other bids for the building, but the Manocherians upped their offer and won the day. Rents in the building average $1,300 per month, which is seriously below market. As apartments are vacated, the new owners plan to do high-end renovations, with granite countertops and wood cabinets in the kitchens and marble tiles in the bathrooms. Once renovated, the units will be able to command from $2,000 to $3,000 a month, Mr. Lewis says. In 10 years, the building's value could double, he predicts. |
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