When an estate finally brings a century-old Upper East Side elevator building to market after decades of family ownership, every private multifamily buyer in Manhattan sharpens their pencil. On September 11, 2026, 243 East 81 St LLC acquired the six-story, 44-unit elevator building at 243 East 81st Street from the Estate of Fred Mengoni for $13.75 million—translating to $533 per square foot and $312,500 per apartment. When the deed closed on September 11, 2026, 243 East 81 St LLC had officially taken down 243 East 81st Street from The Estate of Fred Mengoni for $13.75 million, with Upper East Side Investment Sales brokering the trade.

At $533 a square foot—or $312,500 a door across its 44 apartments— across 25,775 square feet, the trade establishes a clean clearing mark for Upper East Side 6-story pre-war elevator apartment building assets.

JPMorgan Chase Finances a Generational Estate Trade in Yorkville

The real tell in any Manhattan closing sits on the debt side of the ledger. To fund the purchase, 243 East 81 St LLC locked in a $3.84 million senior multifamily acquisition loan from JPMorgan Chase Bank, N.A. at 27.9 percent loan-to-value.

That loan commitment meant the buyers only needed to write a $9.91 million equity check to control a 6-story, 1910-vintage Upper East Side asset. Credit committees aren't stretching to 75 percent leverage anymore, but when a sponsor brings $9.91 million of real cash equity and a basis of $533 a square foot, lenders like JPMorgan Chase Bank, N.A. are wide open for business.

From Our Desk

When we look at 243 East 81st Street on our placement desk at Light Tower Group, the lesson for New York sponsors comes down to the marriage of entry basis and capital structure. 243 East 81 St LLC didn't try to fight the tape—they bought Upper East Side footage at $533 a square foot and structured the stack to match the asset's timeline. Buying 44 elevator apartments between Second and Third avenues at $533 a foot—with JPMorgan Chase providing $3.84 million in conservative 28 percent LTV senior debt—is how generational wealth quietly compounds on the Upper East Side.