Olshan Client Bonjour Capital Purchases Upper East Side Apartment Tower for $150M

Crain’s New York Business reported that Olshan client Bonjour Capital purchased an Upper East Side apartment building for $150 million.  The 40-story luxury rental tower located at 1731-1735 York Avenue, at the corner of East 90th Street, was purchased from Glenwood Management, the real estate firm that developed the rental building in the mid-1980s.  The transaction was a rare sale by Glenwood and involved allocating air rights and restrictive covenants between 1731-1735 York Avenue  and other nearby Glenwood buildings.  Bonjour Capital plans $20 million of upgrades at the property, including renovations to the 265-unit building's lobby and amenity areas such as its gym, providing residents with a feeling of contemporary elegance.  Eric Goldberg, Hyman Kindler and Jessica Stanton represented Bonjour Capital in this matter.