"What made this sale attractive, in addition to its excellentlocation and the fact that the properties could be vacated and freeof debt, were the additional air rights totaling 25,000 sf fromboth 1484 Second Ave. and 307-309 East 77th St.," Ezratty says.

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

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