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Carter's View

Brack Capital Real Estate is converting the 26-story building known as Park East Tower at 240 East 27th Street on the southwest corner at Second Avenue to residential condominiums.

The 324-unit building was built in 1977 by Wards Construction of which Vincent Giffuni is a principal.

It has a marquee entrance with large wood-paneled lobby with marble floors. The beige-brick building has discrete air-conditioners and globular wall lamps flanking its entrance. The center of its frontage on Second Avenue is a colonnaded arcade and Duane Reade is a major retail tenant.

The building is across 27th Street from the Nathan Straus Houses and just to the east of the two-story First Christian Church of the Valley and down the block from St. Illuminator's Armenian Apostolic Cathedral at 221 East 27th Street. It is across Second Avenue from the very attractive Kips Bay Court orange-brick complex of apartment towers with angled balconies.

An article by Lois Weiss in The New York Post said that Rama Bassalali of RMB Properties was the broker in the building's recent sale by Wards Construction to Brack Capital, of which Moshe Azougi is a principal, for $158 million and that the price equated to about $540 a square foot.

Brack Capital is also converting two large pre-war buildings on the Upper West Side: the former Olcott Hotel at 27 West 72nd Street and 230 Riverside Drive. It is also building "The Element, a 34-story condominium tower with 198 apartments on 59th Street between Amsterdam and West End Avenues.
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Architecture Critic Carter Horsley Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.