Updated Jan 19, 2026
Empire Development Acquires Development Site From Marchi Family For $38 Million In Manhattan
563 571 2nd Avenue
$38,000,000
$1,850/SF
Building Size
20,530 SF
Asset Type
Development Site
Closing
Dec 21, 2025
About this deal
AI
The property involved in this transaction is a development site located at 563-571 2nd Avenue & 247-251 East 31st Street in the Manhattan market. The sale was completed for a total amount of $38,000,000. The building has a total square footage of 20,530, resulting in a price per square foot of $1,850. The total buildable square footage is 88,000, with a price per buildable square foot of $431.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $38,000,000
- Buyer: Empire Development
- Seller: Marchi Family
- Broker: Leah Balkany & Michael Weiser - GFI Realty Services
Leah Balkany and Michael Weiser represented GFI Realty Services in the transaction. Empire Development was the buyer, while the Marchi Family acted as the seller in this deal.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.42%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93