Carmel Partners Acquires Development Site On Upper East Side For $73.5M

Located at 1487-1493 First Avenue on the Upper East Side, this development site is a valuable asset for potential investors. The property spans a lot size of 2,550 square feet, with dimensions of 25.5 feet by 100 feet. Its zoning is classified as C2-8, offering prime potential for development. The site currently holds permits for a place of assembly, obtained on September 14, 2004. With a floor area ratio (FAR) of 3.11 and a tax class of 4, this property presents an exciting opportunity for growth and expansion.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $73,500,000
• Market: Upper East Side
• Buyer: Carmel Partners - Ron Zeff
• Brokers: Bob Knakal & John Hageman - JLL

The transaction was facilitated by the renowned brokerage team of Bob Knakal and John Hageman from JLL, who represented the buyer, Carmel Partners. Their expertise and experience in the real estate market were instrumental in navigating the complexities of this deal. Ron Zeff, from Carmel Partners, played a pivotal role as the buyer's representative, ensuring a smooth and successful transaction. With their combined efforts, they secured the acquisition of this valuable development site for $73,500,000.