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E. Village Site Eyed For Condo Conversion

NEW YORK CITY—Following the sale of three vacant buildings, plans for the property call for high-end units.

By Rayna Katz | Updated on June 26, 2015

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.

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