X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-A 61,611-sf development site on the city’s Upper East Side sold to Kenneth Horn of Alchemy Properties Inc. for $21.6 million. David Berger and his partners sold the corner properties at 1480-1482 Second Ave. and 77th Street. Brian Ezratty and Scott Ellard of Eastern Consolidated were the exclusive brokers for the seller and procured the buyer.

“What made this sale attractive, in addition to its excellent location and the fact that the properties could be vacated and free of debt, were the additional air rights totaling 25,000 sf from both 1484 Second Ave. and 307-309 East 77th St.,” Ezratty says.

The air-rights made the acquisition highly attractive in the market place. “As an inducement to sell its air rights, the owner of 1484 Second Ave. received a one-time right of first offer to purchase the retail component of the new development. Under the option, the retail condominium will be leased by the developer for a minimum term of ten years, and then sold to the owner of 1484 Second Ave. for a price based on a specified cap rate,” Ellard says in a statement.

Alchemy Properties plans to construct a 62,000-sf, high-end condominium complex on the newly acquired site. The exact plans for the project have not yet been detailed.

Earlier in the month, GlobeSt.com reported that the Decorators Center Building at 315 E. 62nd St. had been put on the market. Newmark Knight Frank is exclusively marketing the 63,000-sf, 100% occupied property, which is expected to sell for $35 million. This building could also turn into a condo project based on the buyer.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.