Boomerang Development Group Acquires Dev Site In Yorkville For $13.7M

A development site located at 323 East 79th Street in the Yorkville neighborhood has been sold for a price of $13,725,000. The property, with an address in the bustling Yorkville market, spans a lot size of 2,767 square feet and features zoning classified as R10A. The sale includes permits for alteration type 3, which were obtained on October 11, 2019. The property's last recorded sale took place on November 15, 2017, with a price tag of $12,750,000. It is classified under tax class 4 and has dimensions measuring 27.08 ft x 102.17 ft. The floor area ratio (FAR) of the site is 292.

Summary of transaction details

• Property Type: Dev site
• Transaction Amount: $13,725,000
• Market: Yorkville
• Buyer: Boomerang Development Group
• Seller: Spruce Capital Partners
• Building Square Footage: 27,670
• Price per Building Square Foot (PPBSF): $134
• Number of Units: 15
• Price per Unit (PPU): $913,333

The buyer in this transaction is Boomerang Development Group, represented by their broker. On the other side, the seller is Spruce Capital Partners. The property's sale price of $13,725,000 reflects a last increase from its previous sale in 2017. With its desirable location in Yorkville and its zoning classification of R10A, this development site holds immense potential for future projects.