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Acquisitions

Beekman Estate acquires three multi-family properties for $35.5M

Lenox Hill properties have addresses of 344-348 East 62nd Street

344-348 East 62nd Street (Credit: Avison Young)

The Beekman Estate has acquired 344-348 East 62nd Street in Lenox Hill from William Koch for $35.5 million. The three contiguous multi-family properties span 40,612 square feet, and contain 70 apartments (40 are rent stabilized), plus two retail units. 

Be Smart: Sources confirmed that the properties traded at a 2.9 percent cap rate. There is some upside in the free market apartment units, which can be converted from one-bedrooms into two-bedrooms. They are located between First and Second Avenues near the Ed Koch Queensboro Bridge Upper Roadway.

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