GlobeSt.com exclusively learned that the continuous five-storywalk-up buildings were going on themarket in September. Locally based Eastern Consolidated'svice chairman Brian Ezratty, senior director Deborah Gutoff anddirector Martin Ezratty represented the seller, who had owned andoperated the properties for the past 25 years. Gutoff together withEastern Consolidated senior director Azita Aghravi procured thebuyer.

"A number of factors drove this sale," explains Gutoff, "one ofthe most significant was the property's stellar location, literallyblocks from the designer stores on Madison and trendy restaurantson Second and Third Avenues. It's rare to be able to acquire such afour-building package on the Upper East Side. Consequently, theoffering generated more than two dozen bids, but the winnersucceeded by presenting very aggressive terms."

Ezratty explains that "there is no doubt that property valuesanywhere near the new Second Avenue subway will increase once it iscompleted in 2011, and this site is in close proximity to one ofthe entrances of the new subway at Second Avenue and 72nd Street."For the immediate future, the buyer will continue to operate theproperties as they are, upgrading them when leases expire in orderto release at significantly higher rents.