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Carmel Partners Acquires Development Site On Upper East Side For $73.5M

1487-1493 First Avenue
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This Development Site property located in NY was sold for $73,500,000 about 2 years ago. The brokers of the deal were Robert (Bob) Knakal and Jonathan (Jon) Hageman

Located at 1487-1493 First Avenue on the Upper East Side, this development site is a valuable asset for potential investors. The property spans a lot size of 2,550 square feet, with dimensions of 25.5 feet by 100 feet. Its zoning is classified as C2-8, offering prime potential for development. The site currently holds permits for a place of assembly, obtained on September 14, 2004. With a floor area ratio (FAR) of 3.11 and a tax class of 4, this property presents an exciting opportunity for growth and expansion.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $73,500,000
  • Market: Upper East Side
  • Buyer: Carmel Partners - Ron Zeff
  • Brokers: Bob Knakal & John Hageman - JLL

The transaction was facilitated by the renowned brokerage team of Bob Knakal and John Hageman from JLL, who represented the buyer, Carmel Partners. Their expertise and experience in the real estate market were instrumental in navigating the complexities of this deal. Ron Zeff, from Carmel Partners, played a pivotal role as the buyer's representative, ensuring a smooth and successful transaction. With their combined efforts, they secured the acquisition of this valuable development site for $73,500,000.

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  • Location
    York City, 1493 1st Avenue, New New York 10075, United StatesYork City, 1493 1st Avenue, New New York 10075, United States
  • Sale Price
    $73,500,000$73,500,000
  • Asset Type
    Development SiteDevelopment Site
  • Parties
    2 Brokers, 1 Agency2 Brokers, 1 Agency

Agents

Robert (Bob) Knakal

Robert (Bob) Knakal

Deals51
Sold$2.4B

Jonathan (Jon) Hageman

Jonathan (Jon) Hageman

Deals41
Financed$1.7B

Agency

JLL

JLL

Agency
Deals5591
Volume$332.6B

Deal Summary

SALE IMAGE: Bob Knakal, Ron Zeff & John Hageman DATE: 01/07/2022 ADDRESS: 1487-1493 First Avenue MARKET: Upper East Side ASSET TYPE: Development Site ~ ZONING: C2-8 BUYER: Carmel Partners - Ron Zeff BROKERS: Bob Knakal & John Hageman - JLL SALE PRICE: $73,500,000 BSF: 153,000 ~ PPBSF: $480 FAR: 3.11 TAX CLASS: 4 LOT SIZE: 2,550 PERMITS: Place of assembly (09/14/2004) LOT DIMENSION: 25.5 ft x 100 ft

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1487-1493 First Avenue

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