July 20, 2018
Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, sold the Turtle Bay Music School in Midtown East for $11 million. The three-story property at 244 E. 52d St. has housed the music school since 1935.
Senior Executive Managing Director David Schechtman and Managing Directors Lipa Lieberman and Abie Kassin represented the seller and procured the buyer. They were assisted in this transaction by Savills Studley’s David Carlos and Alan Miller of ALDO Advisors.
The building spans 9,400 square feet, and includes more than 10,500 square feet of air rights. It was delivered vacant at closing, and the buyer plans to convert the property into residential condominiums.
“Rarely, if ever, does a property that spans 50 feet wide and 100 feet deep come to market delivered completely vacant with no rental encumbrances,” said Schechtman.
For comments, questions or concerns, please contact Paul Bubny