Large UES Development Site For Sale
Registration is open for RealShare National Investment and Finance on June 24-25. Find out what's new in the capital stack, get the latest strategies in investing and the latest market intelligence.
NEW YORK CITY—SL Green is working to sell a development site on the southeast corner of East 59th street and Third avenue, across the street from Bloomingdale’s, according to the Real Deal. The spot has a combined 90,000 buildable square feet and could be developed into a mixed-use retail and residential tower.
Robert Knakal and Clint Olsen of Massey Knakal Realty Services are marketing the site. An asking price hasn’t been set but Knakal tells GlobeSt.com that the site will likely fetch a healthy sum.
"This site will likely have a very significant retail component of three or four floors given the outstanding location near Bloomingdale's,” he says. “We anticipate record pricing for this world class site.” An industry insider told the Deal SL Green would be seeking close to $100 million.
The site features three separate buildings, at 985, 987 and 989 Third Ave. SL Green acquired the main site for $18 million in 2012 but later purchased the air rights required to build the prospective tower. A new owner could build as much as an additional 21,000 square feet, which could be used to grow the property’s residential component if the developer can receive an inclusionary housing bonus.
If it sells, the Third Avenue site would be the latest acquisition on the section of Third Avenue near Bloomingdale’s. The development firm World-Wide Group paid $37 million for an 11-story commercial building at 155 E. 60th St. across the street from Bloomingdale’s earlier this year, according to the Real Deal.
Attend RealShare Conferences to hear from prominent speakers and meet the commercial real estate elite. Check out the schedule of events!
You can now be notified via email if this story is updated by clicking on the "Follow this Story" link. You must be a registered member to take advantage of this "members only" benefit.