GCRE & Visabe Corp Acquire Development Site At 1527-31 York Avenue For $17.5M

The development site located at 1527-31 York Avenue in the Upper East Side features a total square footage of 35,820. The property was sold for a total transaction price of $17,500,000, resulting in a price per square foot of approximately $488.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $17,500,000
• Address: 1527-31 York Avenue
• Market: Upper East Side
• Square Footage: 35,820
• Price per Square Foot: $488
• Buyer: GCRE & Visabe Corp
• Seller's Representatives: Eric Karmitz, James Nelson, Charles Kingsley, Noah Kossoff & Alexandra Marolda - Avison Young

The transaction involved key representatives from Avison Young, with Eric Karmitz, James Nelson, Charles Kingsley, Noah Kossoff, and Alexandra Marolda acting on behalf of the seller. Additionally, the developer is in contract on neighboring air rights, which will contribute to reducing their basis.