The seller, the Diamond Family Estate, originally developed the property in 1940 and held on to it for nearly 65 years. The sale price was equivalent to almost 18 times the rent at a 2.5 cap on existing income, Blachman tells GlobeSt.com. He notes that the marketing of the transaction was unique in that the Diamond family quietly let the brokers market the property without any promotion under the stipulation that they were to be paid by the buyer, Dominion Management, which is part of the Rinzler Family holdings. Blachman says his firm had an idea who would be interested in the property and made the connections.
The luxury 10-story Upper East Side apartment building contains 77 apartments including seven ground-floor medical offices. It is one of the last remaining rent regulated pre-war apartment buildings in the area that hasn't been converted to condominiums. The property is close to Lenox Hill Hospital, the Metropolitan Museum of Art, Hunter College and the No. 6 train.
Standard Realty's Brokerage division focuses on quiet deals that do not normally reach the general real estate market, but it is looking to branch out. Blachman says they are interested in acquiring large retail shopping centers and malls, class A and B office buildings, multifamily buildings, garden-style apartment communities, development sites and other multifamily investment properties in the tri-state region, the northeast and mid-Atlantic regions and possibly the West Coast.
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