NEW YORK CITY-Manhattan developer Meir Levy purchased 304 Fifth Ave., a 20-by-100 deep parcel of land, from Eli Cohen and has plans for a 15-story condo building, GlobeSt.com has learned. The Murray Hill property, located on the west side of Fifth Avenue between East 31st and East 32nd streets, traded for $7.5 million or $376.51 per buildable sf.
Plans in place call for a 19,920-sf condo building with retail on the ground floor, commercial spaces on floors two through four and residential floor-through units above, including a duplex penthouse on floors 14-15. The seventh floor will also have a terrace in the front of the building due to a setback.
A source close to the deal tells GlobeSt.com that Cohen bought the property with the intention of building there and putting retail on the ground floor. “An existing building with vacant retail space popped up down the street, so he no longer needed the property.”
The source notes that it's too soon to determine the cost of the proposed condos and any guess would be preliminary. “While the width of the site is generally not considered ideal for developers, the market still justified a price point of $375 per buildable sf with the buyer emerging from a pool of interested parties all at similar price levels,” notes Massey Knakal Realty Services' broker Brock Emmetsberger, who exclusively represented the seller with vice chairman John Ciraulo.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
