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Residential Firm Takes Development Site for $20M

NEW YORK CITY-A 4,960-sf vacant parcel across from the Empire State Building trades for $20 million. Buyer Senior Living Options Inc. plans to construct a 100,000-sf residence on the site.

By Barbara Jarvie | Updated on June 27, 2005

NEW YORK CITY-Senior Living Options Inc. has acquired a 50-foot wide, 4,960-sf vacant parcel diagonally across from the Empire State Building for $20 million. The firm plans to construct a 100,000-sf residential building on the site.

McSam Hotel LLC sold the site on Fifth Avenue and East 35th Street after deciding not to construct a hotel on the site, according to Eastern Consolidated’s Alan P. Miller, who arranged the sale. Lee Odell Real Estate collaborated with Miller, who had closed several deals with Senior Living.

Miller calls the site “an extremely valuable parcel” due to its location and because it’s zoned for multiple uses. “In truth, the land never really came to market, because the seller realized it would be more fiscally prudent, given today’s heavy demand for apartment buildings, to sell to a residential developer, rather than to develop a hotel on the site.”

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