Sisters Of Life Acquire Community Facility At 281-283 Lexington Avenue For $7.45M With Capstone Commercial As Buyer's Broker

The property asset involved in this closed transaction is a community facility located at 281-283 Lexington Avenue in the Manhattan market. The sale price of the property was $7,450,000, and it comprises 36 dormitory-style bedrooms with a total square footage of 14,550, translating to a price per unit of $206,944 and a price per square foot of $512. The building, originally constructed in 1882, has served as a clubhouse for U.S. servicemen and women, veterans, and their families since 1927. It features marble shower baths on every floor, a library, multiple event rooms, and a dining room with a lounge, though it requires a full renovation and is restricted to community facility use.

Summary of transaction details:

• Property Type: Community Facility
• Transaction Amount: $7,450,000
• Units: 36
• Price Per Unit: $206,944
• Square Footage: 14,550
• Price Per Square Foot: $512
• Buyer: Sisters of Life – Mother Mary Concepta, S.V.
• Seller: Soldiers’, Sailors’, Marines’ & Airmen’s Club – William McShane
• Buyer's Representative: Michael Keating - Capstone Commercial
• Seller's Representatives: Craig Waggner, Will Conrad, John Ciraulo & Jack Stephen - Cushman & Wakefield
• Buyer's Attorneys: Michael San Giacomo, esq. - Faegre Drinker Biddle & Reath LLP; Hugh Finnegan, esq. - Norris Mclaughlin
• Seller's Attorney: Renato Matos, esq. - Capell Barnett Matalon & Schoenfeld LLP

The individuals involved in this transaction reflect a collaborative effort with Michael Keating representing the buyer, Sisters of Life – Mother Mary Concepta, S.V., while the seller, Soldiers’, Sailors’, Marines’ & Airmen’s Club, was represented by a team from Cushman & Wakefield, comprising Craig Waggner, Will Conrad, John Ciraulo, and Jack Stephen. The legal teams involved include attorneys Michael San Giacomo and Hugh Finnegan for the buyer, along with Renato Matos representing the seller.