Empire Development Acquires Development Site From Marchi Family For $38 Million In Manhattan

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.