Eastern Consolidated broker Marion Jones had finally convinced the reluctant board and doctors at the Ackerman Institute to sell their valuable 10,000-square-foot building at 149 E. 78th St. on the Upper East Side. While they were outgrowing the townhouse, they didn’t want to sell before moving into a new place.
The brokerage team that included Ben Tapper and Brian Ezratty located replacement opportunities, as well as a buyer, Spruce Capital, that paid $18.23 million with an eye on a redevelopment assemblage.
The brokers convinced Spruce to give Ackerman one year to close, and instead of a normal 10 percent deposit, to put down $8.5 million and release it out of escrow so the Institute could use it to buy, close and fix up the replacement property. “In 25 years I’ve only gotten that three times,” said Ezratty. Spruce also made a significant donation.
Pushed along by the brokers, in July, Ackerman contracted to buy two commercial condos totaling 14,500 square feet for $7.695 million at 936 Broadway in the Flatiron District. They closed on it in August, renovated and moved in just in time to close on the sale of their townhouse on the last possible day.
They are not only getting more square footage in a modern, updated and centrally located facility, but have roughly $10 million left over for an endowment.