NEW YORK CITY—A trio of vacant buildings in the East Village has been sold and the buyer has big plans for the site. Ranger Properties and Sagamore Capital have purchased 116 University Pl. (a/k/a 32 and 34 East 13th Street) from seller Verison Realty for $22 million, equating to $1,100 per square foot because of existing zoning, which allows a FAR of approximately 20,000 square feet.
Kathy Thompson of Aesop Realty represented the sellers and Albert Sultan of ASG Realty represented the buyers. The new owners plan to demolish the site's three existing buildings and create luxury condominiums on the 3,300 square foot site. Before Ranger Properties/Sagamore's Capital's acquisition of the site, it hadn't changed hands since 1980.
Says Sultan, ASG principal, "The deal for 116 University Place came together very smoothly after I was introduced to Kathy Thompson of Aesop Realty. The zoning and financial parameters of this site were exactly what my client was looking for, and everyone is extremely pleased with the outcome."
This sale represents one of the most expensive residential development deals in the downtown sector, including four current condominium projects being developed within one block of 116 University Pl. The area is teeming with energy and activity and includes two of the city's most prominent educational facilities—New York University and the New School.
Thompson, Aesop's principal, specializes in the marketing and sales of development sites to real estate developers, along with the sale of individual residential properties. "As soon as I received the assignment to sell this property, I knew that the combination of its Greenwich Village location, proximity to Union Square, the area's exciting and innovative restaurant scene, together with nearby new luxury development would result in a successful sale for my client. And I was right, there were over 20 serious and capable potential purchasers eager to consummate a deal.”
The property currently houses three buildings: two residential buildings—one four-story, as well as a single-story building with retail uses. The new development will feature six stories of apartments on top of ground floor retail.
Kathy Thompson of Aesop Realty represented the sellers and Albert Sultan of ASG Realty represented the buyers.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
