Quiet firm pays $105M for Carnegie Hill rental

June 30, 2011

Susan Hewitt of the Cheshire Group, previous owner Mark Terk and 1327-1329 Lexington Avenue

A low-key residential property company based in Greenwich Village paid $105 million for a 99-unit apartment building in Carnegie Hill whose fate had been uncertain following the death of the heir to the property three years ago.

The Cheshire Group, which owns and operates market-rate and rent-regulated properties in the New York metro area, closed on Tuesday on the purchase of 1327-1329 Lexington Avenue, between 88th and 89th streets, in an all cash transaction, the firm’s president, Susan Hewitt, told The Real Deal.

The ownership of Rhinelander Properties was thrown into confusion with the death of the property’s heir Mark Terk at the age of 54 in May 2008.

View the article online here: http://therealdeal.com/blog/tag/rama-bassalali

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