Alternative opportunity
investment and development.
investment and development.
Larry Gluck’s Stellar Management and Glory Capital, the investment division of the Ben-Dayan family, are set to close on a $124 million purchase of the Embassy House apartment complex in Midtown Manhattan. The 252-unit mixed use residential property at 301 East 47th Street occupies a full avenue block, just north of the United Nations. The 20-story mixed property is nearly fully occupied, and boasts retail along the entire stretch Second Avenue from 47th to 48th streets. The buyers will upgrade the property but apparently have no plans to convert the units to condominiums. Helmsey-Spear is brokering the sale for an entity controlled by Irving Schneider.
Published on Wednesday, August 16th, 2006.