Pan Am Equities Explained

Pan Am Equities
Industry:Real estate
Founder:Manocherian family
Type:Privately held company

Pan Am Equities is a real estate company owned by the Manocherian family that develops and operates real estate properties, along with its sister company Manocherian Brothers[1] [2]

The company focuses on the redevelopment of Upper East Side tenement blocks.[3]

Buildings owned by the company include New York Tower at East 39th Street and the Caroline at 60 West 23rd Street. The owners of the company also own the New York Health & Racquet Club.[4]

History

In 2014, the company bought two commercial condominiums in the Upper East Side, covering a total of 45,000 square feet. The seller was Philadelphia-based real estate investment fund manager Equus Capital Partners.[5]

In April 2016, Pan Am Equities sold 6 multifamily rental buildings in the East Village to The Lightstone Group for $127 million.[6]

In 2019 the firm announced the Glassell Park project, a 419-unit apartment complex located at the entrance of the new Bowtie State Park along the Los Angeles River. The project received harsh criticism from river activists.[7] [8]

Notes and References

  1. News: Pan Am Equities. The Real Deal New York. 2017-07-31. en-US.
  2. Web site: Pan Am Equities Inc: Company Profile. Bloomberg. 2017-07-31.
  3. Web site: Adam . Pincus . Clans with plans . The Real Deal. February 1, 2011. The Wayback Machine. https://web.archive.org/web/20160304075701/https://therealdeal.com/issues_articles/clans-with-plans/. March 4, 2016.
  4. Web site: Health club pioneer returns to the gym . October 20, 2013 . Crain's New York Business . 2020-02-07.
  5. Web site: Manocherians' Pan-Am buys UES commercial condos for $48M . March 20, 2014 . The Real Deal . 2020-02-07.
  6. Web site: Lightstone acquires East Village resi portfolio for $127M . May 5, 2016 . The Real Deal . 2020-02-07.
  7. Web site: Pan Am Equities Proposes 419-unit MF Along L.A. River . Connect Media . October 1, 2019 . 2020-02-21.
  8. Web site: "Over my dead body": Pan Am Equities' resi project along LA River gets pushback . The Real Deal . September 30, 2019 . 2020-02-21.

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