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United Charities Puts 287 Park Ave. South on the Market

NEW YORK CITY—Worth “well-in-excess” of $100 million, GlobeSt.com has learned, the building is well suited for conversion to a wide variety of property types, though a multifamily tower is most likely.

By Rayna Katz | Updated on March 27, 2014

NEW YORK CITY—The United Charities Board has put 287 Park Ave. South, its historic Gramercy Park building, on the market. The building—which could become residences, office space, retail stores or even a hotel—could command “well-in-excess” of $100 million, Newmark Grubb Knight Frank senior managing director Geoffrey Newman, who is leading the effort, tells GlobeSt.com.

“Toll Brothers recently purchased a vacant piece of land on the same block for $850 per square foot,” he notes on the price. With regard to the building’s future, most likely, the building will become a multi-family property—and quite possibly condominiums—but there are other options available to developers, he notes.

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