(Read more on the multifamily market.)

NEW YORK CITY-Julio Bogoricin has sold two contiguous 16-foot-wide lots at 178-180 E. 93rd St. on Manhattan’s Upper East Side in a transaction valued at $8.7 million GlobeSt.com has learned. The identical-sized lots are located on the south side of East 93rd Street between Third and Lexington avenues.

The buyer, New York City-based Greystone Development Group, has the intention of building condos, according to a source close to the deal. The source tells GlobeSt.com that building condos is unconventional in the area–since the area mostly has row houses–and they will be restricted by zoning restrictions since it is a residential zone.

Julio Bogoricin purchased the property last year for $5.6 million, the source explains. He then leveled the buildings and has now resold the land, which contain approximately 1,648 sf for $8.7 million. Combined, they contain approximately 15,240 buildable sf. In spite of the fact that they are located mid-block, not on an avenue, the properties sold for $640 per buildable sf, the source notes.

“Though vacant lots are a rare and desirable commodity in the Upper East Side due to many landmark and zoning restrictions, the final price per buildable sf is an indication of the overall health of the market in this neighborhood,” according to Massey Knakal broker Cory Rosenthal, who exclusively represented the seller with Broker Guthrie Garvin. Massey Knakal Realty Services and Richard Steinberg of Warburg Realty were the brokers in this transaction.

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