Billionaire Pears brothers pay $19.4M to Heller Realty for 47 regulated condos in Kips Bay

The billionaire British Pears brothers, of Tremada Properties and William Pears Group through the entity Tremada Bh Eastside Condo LLC paid $19.4 million to Heller Realty through the entity Kips Bay L.L.C. for 47 regulated unsold residential condominiums at Kips Bay Towers at 343 East 30th Street in Kips Bay, Manhattan.
The deal closed on February 17, 2022 and was recorded on March 2, 2022.
The 47 properties have 47,879 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $404 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Heller Realty was Robert Ross. The signatory for Tremada Properties and William Pears Group was Stuart Berg.
Prior to this transaction, the buyer Tremada Properties purchased 278 condos and co-ops in five transactions for a total of $77.6 million and had not sold any properties over the past 24 months.
The seller Heller Realty had not purchased any other properties and had not sold any properties over the same time period.

Tremada is an affiliate of the William Pears Group, owned by the billionaire Pears family, which includes Trevor, Mark and David Pears. This is for a bulk sale of condos. Kips Bay Towers Condominium is composed of two 20-story elevator apartment buildings with two commercial and 1,118 residential units and was built in 1961-63 and converted to condos in 1981.

The sale was brokered by Mark Zborovsky, of Mark Zborovsky LLC, a brokerage which focuses on the sale of blocks of unsold market and regulated condo and co-op units.

Within a 400-foot radius of 343 East 30th Street, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a permit issued on June 1, 2021 for the $38.8 million renovation of 40,159-square-foot A-3 building with N/A residential units at 534 First Avenue.

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