(Read more on the multifamily market.)
NEW YORK CITY-Julio Bogoricin has sold two contiguous 16-foot-wide lots at 178-180 E. 93rd St. on Manhattan's Upper East Side in a transaction valued at $8.7 million GlobeSt.com has learned. The identical-sized lots are located on the south side of East 93rd Street between Third and Lexington avenues.
The buyer, New York City-based Greystone Development Group, has the intention of building condos, according to a source close to the deal. The source tells GlobeSt.com that building condos is unconventional in the area--since the area mostly has row houses--and they will be restricted by zoning restrictions since it is a residential zone.
Julio Bogoricin purchased the property last year for $5.6 million, the source explains. He then leveled the buildings and has now resold the land, which contain approximately 1,648 sf for $8.7 million. Combined, they contain approximately 15,240 buildable sf. In spite of the fact that they are located mid-block, not on an avenue, the properties sold for $640 per buildable sf, the source notes.
"Though vacant lots are a rare and desirable commodity in the Upper East Side due to many landmark and zoning restrictions, the final price per buildable sf is an indication of the overall health of the market in this neighborhood," according to Massey Knakal broker Cory Rosenthal, who exclusively represented the seller with Broker Guthrie Garvin. Massey Knakal Realty Services and Richard Steinberg of Warburg Realty were the brokers in this transaction.
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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.
