Minrav Development Acquires Development Site In Gramercy For $28.5M

Minrav Development, led by Yehuda Mor, has acquired a development site in Gramercy for $28,500,000. The property, located at 305, 307, 309, and 311 1st Avenue, is a development site with a zoning classification of C1-8A. The site spans a total of 55,545 square feet, resulting in a price per square foot of $513. The transaction took place on February 5, 2020.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $28,500,000
• Address: 305, 307, 309, and 311 1st Avenue
• Market: Gramercy
• Zoning: C1-8A

The seller in this transaction was CIM Group. The brokers involved in the deal were Lipa Lieberman, David Schechtman, and Abie Kassin from Meridian Capital Group. Additionally, the sale also included another property at 343 E 17th Street, which was sold for $12,000,000.