Pan Am Equities

Pan Am Equities is an American real estate development and property management company owned by the Manocherian family. Its activities have included the acquisition, redevelopment, ownership, leasing, and management of residential and commercial property. The company is particularly associated with the redevelopment of tenement blocks on Manhattan's Upper East Side, although its documented portfolio and transactions have extended beyond that neighborhood and beyond New York City. The company's public profile is closely tied to its property holdings rather than to a consumer-facing product portfolio. Buildings associated with Pan Am Equities include New York Tower on East 39th Street, the Caroline at 60 West 23rd Street, and New York Plaza at 2 Water Street. Its broader investment activity has included multifamily rental housing, commercial condominiums, and hospitality assets. The firm has also participated in development proposals outside New York, including a large apartment project in Los Angeles, and acquired and sold a resort property in Florida. A notable episode in the company's history involved the building now known as New York Plaza at 2 Water Street. After the Manocherian interests acquired the property in 1978, the former Army Building was identified as a possible landmark by New York City's Landmarks Preservation Commission. In 1983, while a hearing was being scheduled concerning potential designation, construction crews acting for the owners began demolishing the building without the required work permits. The resulting damage prevented the landmark process from continuing, according to the referenced account. The episode remains a significant part of the company's public history because of the building's architectural and historical importance, including its association with an early United States gay-rights protest. During the 2010s, Pan Am Equities continued to expand and reposition its real estate holdings. In 2014, it acquired two Upper East Side commercial condominium units totaling approximately 45,000 square feet. In 2016, it sold six multifamily rental buildings in Manhattan's East Village to The Lightstone Group for $127 million. In 2018, the company purchased the Marriott Pompano Beach Resort in Fort Lauderdale and sold it the following year. In 2019, it announced a 419-unit apartment development at the entrance to Bowtie State Park along the Los Angeles River. The proposal drew criticism from river activists. The same year, Pan Am acquired a 50-unit rental building on East 86th Street from Stonehenge Partners. The Manocherian family also owned the New York Health & Racquet Club, which permanently closed in 2020. Available reference material does not provide a complete account of the company's founding date, corporate structure, current leadership, total assets, or present property portfolio. Pan Am Equities should therefore be understood primarily as a privately held real estate owner, developer, and manager whose documented identity is rooted in New York multifamily and redevelopment activity.

Pan Am Equities is a privately held American real estate company owned by the Manocherian family. Publicly available descriptions associate the firm with property development, investment, and management, especially the redevelopment of tenement blocks and other residential buildings on Manhattan's Upper East Side. The available record does not establish a precise founding year or identify an individual founder. One of the company's earliest documented episodes concerns the property at 2 Water Street in Lower Manhattan, now known as New York Plaza. The Manocherian interests purchased the building in 1978. At the time, the structure was known as the Army Building and had previously been owned by the United States Department of the Army. It also had historical significance as the site of the first reported United States gay-rights protest. The building was later identified as a potential landmark by New York City's Landmarks Preservation Commission. In 1983, the Landmarks Committee scheduled a hearing to begin consideration of possible landmark designation. Before that process could advance, construction crews ordered by the Manocherian Brothers proceeded with demolition work even though they lacked work permits. The damage was sufficiently extensive that the Landmarks Preservation Committee could not continue with the designation effort. The episode is presented in the available reference material as an example of the permanent loss of historically significant fabric and remains the principal controversy associated with Pan Am Equities. The company subsequently built or acquired a portfolio that included residential, commercial, and hospitality properties. Documented holdings include New York Tower on East 39th Street, the Caroline at 60 West 23rd Street, and New York Plaza at 2 Water Street. These properties illustrate the company's focus on urban income-producing real estate and redevelopment rather than on a branded consumer product line. Pan Am Equities remained active in acquisitions and dispositions during the 2010s. In 2014, it bought two Upper East Side commercial condominium units totaling approximately 45,000 square feet from Equus Capital Partners, a Philadelphia-based real estate investment fund manager. In April 2016, the company sold six East Village multifamily rental buildings to The Lightstone Group for $127 million. The transaction reflected a portfolio-disposition strategy in which groups of income-producing apartment properties could be sold to another institutional owner. The firm diversified geographically and by asset class in 2018, purchasing the Marriott Pompano Beach Resort in Fort Lauderdale for $45.15 million. It sold the resort in November 2019 for $54.1 million. In 2019, Pan Am also announced a 419-unit apartment complex at the entrance to Bowtie State Park along the Los Angeles River. The proposal attracted strong criticism from river activists, making environmental and neighborhood response part of the project's public context. That year, the company acquired a 50-unit rental building on East 86th Street from Stonehenge Partners for $90 million. The Manocherian family had interests beyond Pan Am Equities as well. The family owned the New York Health & Racquet Club, which permanently closed in 2020. The available sources do not provide enough information to determine the company's current executive team, exact present-day portfolio, revenue, assets, or continuing status of every announced development. Accordingly, Pan Am Equities is best characterized as a privately owned American real estate development and property management business with a long-running New York focus and documented investment activity in other United States markets.

• 2020

  New York Health & Racquet Club closes permanently

  [1]Pan Am Equitiesen.wikipedia.org

  The New York Health & Racquet Club, which was owned by the Manocherian family, permanently closed.

• 2019

  Resort disposition and further real estate activity

  [1]Pan Am Equitiesen.wikipedia.org

  The company sold the Marriott Pompano Beach Resort for $54.1 million, announced a 419-unit Los Angeles apartment project, and bought a 50-unit East 86th Street rental building for $90 million.

• 2018

  Fort Lauderdale resort acquisition

  [1]Pan Am Equitiesen.wikipedia.org

  Pan Am Equities bought the Marriott Pompano Beach Resort in Fort Lauderdale for $45.15 million.

• 2016

  East Village portfolio sale

  [1]Pan Am Equitiesen.wikipedia.org

  The company sold six East Village multifamily rental buildings to The Lightstone Group for $127 million.

• 2014

  Upper East Side commercial acquisition

  [1]Pan Am Equitiesen.wikipedia.org

  Pan Am Equities acquired two Upper East Side commercial condominiums totaling approximately 45,000 square feet from Equus Capital Partners.

• 1983

  Demolition during landmark consideration

  [1]Pan Am Equitiesen.wikipedia.org

  Demolition work began at the former Army Building while landmark consideration was underway. The referenced account states that the work proceeded without permits and caused damage that stopped the designation process.

• 1978

  Acquisition of the former Army Building

  [1]Pan Am Equitiesen.wikipedia.org

  The Manocherian interests purchased the property at 2 Water Street in Lower Manhattan, later known as New York Plaza. The building was subsequently identified as a possible historic landmark.

A privately held real estate investment, development, and property management company with a strong association with Manhattan residential redevelopment and multifamily housing.

• Residential and commercial real estate

  New York Tower

  New York Tower is a property associated with Pan Am Equities on East 39th Street in New York City. It represents the company's urban building portfolio and its focus on owning and managing income-producing real estate in Manhattan.

• Residential real estate

  The Caroline

  The Caroline is a Pan Am Equities-associated building at 60 West 23rd Street in Manhattan. It is part of the company's New York property holdings; the available reference does not provide a detailed account of its unit mix, amenities, or development history.

• Commercial real estate

  New York Plaza

  New York Plaza at 2 Water Street is the former Army Building acquired by the Manocherian interests in 1978. Its history includes prior federal ownership, landmark consideration, and a controversial demolition episode in 1983.

• Residential development · 2019

  Glassell Park apartment project

  Announced in 2019, the Glassell Park project was planned as a 419-unit apartment complex at the entrance to Bowtie State Park along the Los Angeles River. The proposal drew criticism from river activists. The available material does not establish whether the project was completed.

• Hospitality real estate · 2018

  Marriott Pompano Beach Resort

  The Marriott Pompano Beach Resort in Fort Lauderdale was acquired by Pan Am Equities in 2018 and sold in November 2019. It demonstrates the company's participation in hospitality property investment in addition to residential and commercial real estate.

• 1983

  Demolition of the former Army Building during landmark review

  While New York City's Landmarks Committee was preparing to consider designation of the former Army Building at 2 Water Street, construction crews ordered by the Manocherian Brothers began demolition without work permits, according to the cited account. The resulting damage prevented the landmark process from proceeding and led to the loss of historically significant material.

  Source

Read more

• 2019

  Announcement of Glassell Park apartment developmentProduct launch

  Background

  The proposed development was located at the entrance to Bowtie State Park along the Los Angeles River.

  Action taken

  Pan Am Equities announced plans for a 419-unit apartment complex.

  Aftermath

  The project received harsh criticism from river activists. The available source does not confirm its eventual approval or completion.

  Source

• 2018

  Purchase of Marriott Pompano Beach ResortM&A

  Background

  Pan Am Equities expanded into hospitality real estate with a resort acquisition in Fort Lauderdale.

  Action taken

  The company purchased the Marriott Pompano Beach Resort for $45.15 million.

  Aftermath

  Pan Am Equities sold the property in November 2019 for $54.1 million.

  Acquisition and subsequent sale price. $45.15 million acquisition price → $54.1 million sale price (2018–November 2019)

  Source

• 2016

  Sale of East Village multifamily portfolioM&A

  Background

  Pan Am Equities held six multifamily rental buildings in Manhattan's East Village.

  Action taken

  The company sold the six-building portfolio to The Lightstone Group for $127 million.

  Aftermath

  The transaction transferred ownership of the properties to another real estate investment group; further strategic rationale is not provided in the cited material.

  Sale price. $127 million (April 2016)

  Source

1. 1Pan Am Equitiesen.wikipedia.org