The seller, the Diamond Family Estate, originally developed theproperty in 1940 and held on to it for nearly 65 years. The saleprice was equivalent to almost 18 times the rent at a 2.5 cap onexisting income, Blachman tells GlobeSt.com. He notes that themarketing of the transaction was unique in that the Diamond familyquietly let the brokers market the property without any promotionunder 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 theproperty and made the connections.

The luxury 10-story Upper East Side apartment building contains77 apartments including seven ground-floor medical offices. It isone of the last remaining rent regulated pre-war apartmentbuildings in the area that hasn't been converted to condominiums.The property is close to Lenox Hill Hospital, the MetropolitanMuseum of Art, Hunter College and the No. 6 train.

Standard Realty's Brokerage division focuses on quiet deals thatdo not normally reach the general real estate market, but it islooking to branch out. Blachman says they are interested inacquiring large retail shopping centers and malls, class A and Boffice buildings, multifamily buildings, garden-style apartmentcommunities, development sites and other multifamily investmentproperties in the tri-state region, the northeast and mid-Atlanticregions and possibly the West Coast.