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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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