InSite Property Group Acquires Ground Lease On Upper East Side For $19.75M

A ground lease transaction took place in the Upper East Side market of New York City. The development site, located at 424 East 90th Street, was sold in a deal closed on March 2, 2021. The property is zoned as C8-4 and spans across an impressive lot size of 144 ft x 100.71 ft, totaling 14,502 square feet.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $19,750,000
• Market: Upper East Side
• Asset Type: Development Site

InSite Property Group acquired the property from Parkland Management, with the assistance of Steven Rutman, Rob Hinckley, Jeff Julien, and Steve Mellon from JLL acting as brokers in the transaction.

The deal was finalized at a price of $19,750,000, resulting in a building square footage (BSF) of 72,500 and a price per buildable square foot (PPBSF) of $272. The property itself spans over 29,004 square feet, with a price per square foot (PPSF) of $680.