(Read more on the multifamily market.)
NEW YORK CITY-A residential development site with plans for nearly 72,000-sf luxury condominium at 948-952 Second Ave. in Midtown East was sold in a transaction valued at $30 million. A source close to the deal tells GlobeSt.com that the buyer was Michael Kornblum on Manhattan and the seller was David Angel of locally based Angel Group.
The 60-by-70 property is on the east side of Second Avenue between East 50th and East 51st streets. A total of 24,757 sf of air rights were purchased from neighboring buildings, which brought the buildable square footage up to 71,832 sf. As a result of the nearby purchase, the project can cantilever over the existing building at 954 Second Ave., thereby increasing its width from the fifth floor up. Massey Knakal Realty Services was the sole broker in this transaction.
"The seller made the original purchase for $17.5 just over a year ago with five rent regulated tenants," explains Massey Knakal broker Clint Olsen, who exclusively represented the seller along with broker Michael Harari. "After vacating three of the remaining five tenants, ownership took the site to market in an effort to capitalize on the strong development market."
The source tells GlobeSt.com that David Angel chose to sell now because of the market, which in a year, gave the seller a $12.5-million profit. The purchasers of site were able to average down the price/buildable square footage through the procurement of 14,000 sf of inclusionary air rights. The property sold for $416.67 per buildable sf.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, 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.
