Zeckendorf Development Acquires Multifamily Property In Upper East Side For $250M

A multifamily property at 1289 Lexington Avenue in the Upper East Side has been sold for $250,000,000. The property, totaling 230,000 square feet, consists of 61 units, resulting in a price per unit of $4,098,360. The price per square foot is estimated at $1,086. The transaction took place on February 24, 2022.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $250,000,000
• Address: 1289 Lexington Avenue
• Market: Upper East Side
• Buyer: Zeckendorf Development
• Seller: Children’s Investment Fund Foundation
• Brokers: Adam Spies, Adam Doneger & Rachel Humphrey - Cushman & Wakefield
• Units: 61
• Price per Unit: $4,098,360
• Square Footage: 230,000
• Price per Square Foot: $1,086

The buyer, Zeckendorf Development, successfully acquired the property from the seller, Children’s Investment Fund Foundation. The deal was facilitated by Adam Spies, Adam Doneger, and Rachel Humphrey of Cushman & Wakefield, who represented both the buyer and seller in the transaction.