Japanese Investor Shells Out $15.2M For Turtle Bay Walk-Up

A Japanese corporate buyer has jumped into the Midtown East market, closing on a newly renovated six-story walk-up at 246 E. 53rd St. for $15.2 million. The building, long a Turtle Bay rental, traded this spring after roughly a year in the hands of local investors, adding another small Manhattan multifamily to the growing roster of international-owned rentals that brokers say remain in steady demand.

According to CoStar, the buyer is Hikari Power Z Co., which paid $15.2 million for the property, or about $723,810 per unit. CoStar identifies the sellers as a joint venture between Kriss Capital and Lockhill Properties and notes that the building was newly renovated before the sale.

Property Records And Building Facts

City property records and market data list the parcel at roughly 12,915 square feet and describe a pre-war, six-story walk-up with about 20 residential units and two commercial units, per PropertyShark. Those records also show an earlier sale in early 2025 for roughly $8.1 million, a number that suggests the prior owner put meaningful money into upgrades before flipping the asset.

CoStar lists the building with 21 units, while city records count 20 residential units plus two commercial spaces. The slight mismatch likely comes down to how smaller rental units and storefronts are categorized on different databases, rather than any secret extra apartment hidden behind a bookcase.

Who Sold It And How The Math Stacks Up

Deal trackers and filings tie the recent sale to investors Parke Leatherman and Jody Kriss, who bought the building last year and then repositioned it, according to The Real Deal. That short hold, paired with the renovation work, set the stage for a sizable resale.

On the brokerage side, transaction summaries name Michael Sherman of Baseline Real Estate Advisors as the deal’s broker and peg the trade at about $1,176 per square foot, per Traded. Taken together with the roughly $8.1 million price from early 2025, the numbers point to a healthy spread between the previous purchase and this month’s sale after the renovation push.

What The Sale Means For Midtown East

The deal was flagged by market watchers as one of the larger multifamily filings on the day it hit public record, a reminder that smaller Manhattan rental trades are still quietly piling up even when the spotlight is on trophy towers. CoStar data shows a steady stream of renovated walk-ups moving to private and international buyers as owners look to crystallize gains after value-add work.

For neighbors, that usually translates into upgraded units and a fresh set of ownership and management contacts to learn. At this point, no public statement about future plans for 246 E. 53rd St. appears in trade listings, with filings focusing on the sale price and chain of title. Local brokers say assets like this are often held for dependable rental income, though some owners eventually test out longer-term repositioning strategies.

We will keep an eye on filings and local listings for any updates on ownership plans or potential management changes at the building.