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Pan Am Equities

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Pan Am Equities
Company typePrivately held company
IndustryReal estate
FounderManocherian family
Websitepanamequities.com

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[citation needed] and the Caroline at 60 West 23rd Street.[citation needed] The owners of the company also own the New York Health & Racquet Club.[4]

History

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In 2014, the company bought two commercial condominiums in the Upper East Side, covering a total of 45,000 square feet. [citation needed]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]

References

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  1. ^ "Pan Am Equities". The Real Deal New York. Retrieved July 31, 2017.
  2. ^ "Pan Am Equities Inc: Company Profile". Bloomberg. Retrieved July 31, 2017.
  3. ^ Pincus, Adam (February 1, 2011). "Clans with plans". The Real Deal. Archived from the original on March 4, 2016 – via The Wayback Machine.
  4. ^ "Health club pioneer returns to the gym". Crain's New York Business. October 20, 2013. Retrieved February 7, 2020.
  5. ^ "Manocherians' Pan-Am buys UES commercial condos for $48M". The Real Deal. March 20, 2014. Retrieved February 7, 2020.
  6. ^ "Lightstone acquires East Village resi portfolio for $127M". The Real Deal. May 5, 2016. Retrieved February 7, 2020.
  7. ^ "Pan Am Equities Proposes 419-unit MF Along L.A. River". Connect Media. October 1, 2019. Retrieved February 21, 2020.
  8. ^ ""Over my dead body": Pan Am Equities' resi project along LA River gets pushback". The Real Deal. September 30, 2019. Retrieved February 21, 2020.