Forkosh Development Group Acquires Development Site In Manhattan For $17M

The development site located at 157-159-161 East 28th Street in Manhattan has been sold for a price of $17,000,000. The property spans approximately 34,000 square feet, resulting in a price per square foot of around $500. The seller of this property was the Cheng Li Family Partnership, while the buyer was the Forkosh Development Group, led by Alex Forkosh. The transaction was facilitated by Venture Capital Properties, with Itan Rahmani and Soly Halabi as the brokers representing the deal.

Summary of transaction details:

• Property Type: Dev Site
• Transaction Amount: $17,000,000
• Size: 34,000 square feet
• Price per Square Foot: Approximately $500/foot
• Seller: Cheng Li Family Partnership
• Buyer: Forkosh Development Group – Alex Forkosh
• Broker: Venture Capital Properties ( @VCPRE ), Itan Rahmani & Soly Halabi

This transaction represents the successful sale of a development site in Manhattan. The Cheng Li Family Partnership decided to sell the property, and the Forkosh Development Group, led by Alex Forkosh, saw potential in the site and made the purchase. Venture Capital Properties, represented by Itan Rahmani and Soly Halabi, acted as the brokers in this deal, facilitating the transaction between the seller and buyer.