Joel Wertzberger Acquires Development Site From Cayre Equities In Midtown South For $31M

The property asset involved in the transaction is a development site located at 254 West 35th Street in the Midtown South market. The sale price recorded was $31,000,000. The asset encompasses a total square footage of 110,000, with a price per square foot of $281. The property falls under the Midtown South Rezoning and involved an additional air rights transfer, reflecting significant market dynamics since its previous sale less than two years ago for approximately half the current price.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $31,000,000
• Buyer: Joel Wertzberger
• Seller: Cayre Equities
• Broker: Itanel Rahmani - Venture Capital Properties
• Building Size: 110,000 SF
• Price Per Square Foot: $281
• Market: Midtown South

The key individuals involved in this transaction include buyer Joel Wertzberger and seller Cayre Equities, while the broker representing the transaction is Itanel Rahmani of Venture Capital Properties. This complex transaction highlights the impact of the Midtown South Rezoning on property values within the area.