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UPPER EAST SIDE BUILDING SELLS

Lois Weiss

Friday, June 15, 2012 - A seven-story, 11,838 sf 27-unit residential apartment building on the Upper East Side at 225 East 82nd Street sold for $6.3 million to Erez Itzhaki and Gil Boosidan. Eastern Consolidated represented both sides in the transaction with Azita Aghravi representing the seller, a long term owner. Alan P. Miller and financial analyst Inbal Himelblau worked on behalf of the buyer. “The building’s eight rent-stabilized units priced at below market rates, was an important factor in attracting an investor,” said Aghravi, who added that the property has undergone major renovations including a refurbished roof, new elevator cabs, completely modernized elevator systems and repainted hallways. The property features 21 studios and six one-bedroom units. According to Himelblau, “The new owners will benefit from the building’s current steady income, which only stands to increase in the future as the market improves and accelerates.” David J. Feit, Esq. of David J. Felt PLLC represented the purchaser while Eric Berliner, Esq, Berliner Pilson acted for the seller.

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