Mael Mitterand Acquires Development Site At 1994 Madison Avenue From Urban Standard For $2.5M

The property involved in this transaction is a development site located at 1994 Madison Avenue in the Central Harlem market. The sale price for the asset was $2,500,000, which translates to a price per buildable square foot (PPBSF) of $178 for a total of 13,988 buildable square feet.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $2,500,000
• Address: 1994 Madison Avenue
• Market: Central Harlem
• Buildable Square Feet: 13,988
• Price Per Buildable Square Foot: $178
• Buyer: Mael Mitterand
• Seller: Urban Standard
• Brokers: Brian Whelan, Mitchel Flaherty, Jonathan Auerbach, Jake Shapiro - Ripco; Jared Gootnick - Marcus & Millichap

The transaction was represented by a team of brokers including Brian Whelan, Mitchel Flaherty, Jonathan Auerbach, and Jake Shapiro from Ripco, along with Jared Gootnick from Marcus & Millichap. The marketing efforts attracted an overseas investor, who is planning on a condo development for East Harlem, highlighting the team's consistent performance of closing one deal per month in Upper Manhattan/Bronx.