Cheskel Schwimmer Of Chess Builders Acquires Development Site At 355 East 86th Street For $50M

The property asset involved in this transaction is a development site located at 355 East 86th Street in Manhattan. The site was sold for a total of $50 million, and it is currently home to a 45-unit building. The buyer, Cheskel Schwimmer, intends to replace the existing structure with a new 23-story residential development featuring 99 units.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $50,000,000
• Buyer: Cheskel Schwimmer - Chess Builders
• Seller: Gary Barnett - Extell Development
• Address: 355 East 86th Street
• Market: Manhattan

Key individuals involved in the deal include Cheskel Schwimmer representing Chess Builders, who is leading the development efforts for the property, and Gary Barnett of Extell Development, the seller of the site. This transaction marks a significant transition for the site as it moves towards a new residential vision.