Development Site Sells, Will Get Condos

NEW YORK CITY-A 61,611-sf development site on the city’s Upper East Side sold to Kenneth Horn of Alchemy Properties Inc. for $21.6 million. David Berger and his partners sold the corner properties at 1480-1482 Second Ave. and 77th Street. Brian Ezratty and Scott Ellard of Eastern Consolidated were the exclusive brokers for the seller and procured the buyer.

“What made this sale attractive, in addition to its excellent location and the fact that the properties could be vacated and free of debt, were the additional air rights totaling 25,000 sf from both 1484 Second Ave. and 307-309 East 77th St.,” Ezratty says.

The air-rights made the acquisition highly attractive in the market place. “As an inducement to sell its air rights, the owner of 1484 Second Ave. received a one-time right of first offer to purchase the retail component of the new development. Under the option, the retail condominium will be leased by the developer for a minimum term of ten years, and then sold to the owner of 1484 Second Ave. for a price based on a specified cap rate,” Ellard says in a statement.