Noam Shemel Acquires Development Site At 1477 3rd Ave. On Upper East Side For $8.5M

Located in the Upper East Side neighborhood, the development site at 1477 3rd Ave. has recently been sold for a transaction price of $8,500,000. Spanning over 4,745 square feet, the property boasts a price per square foot of $1,791. With a buildable square footage (BSF) of 25,926, the price per buildable square footage (PPBSF) stands at $328, making it an attractive opportunity for developers.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $8,500,000
• Address: 1477 3rd Ave.
• Market: Upper East Side
• Buyer: Noam Shemel
• Seller: Rodney Spring & Spring Swinehart
• Seller's Rep: Brett Weisblum - Cushman & Wakefield

This transaction marks the first time the building at 1477 Third Avenue has been offered for sale in over 150 years. Previously tenanted, the property's prime location and easy access to all the corridor has to offer presents an ideal opportunity for a boutique high-end project. For more information, contact Brett Weisblum of Cushman & Wakefield at (212) 660-7784 or [email protected].