Eastern Consolidated Announces Sale of a Rare Upper West Side Corner Development Site to Extell Development for $80 Million
NEW YORK, NY – October 4, 2017 – Eastern Consolidated has arranged the sale of a corner development site at Broadway and 96th Street on the Upper West Side to Extell Development for $80 million.
The property at 2555 Broadway offers up to ±151,056 buildable square feet with inclusionary air rights and is currently home to a two-story commercial building leased to Chase Manhattan Bank and formerly Gristede’s supermarket. Plans call for the building to be razed and the site combined with other components to create a larger assemblage for a mixed-use condominium project.
Peter Hauspurg, Chairman and CEO, and Brian Ezratty, Vice Chairman and Principal, exclusively represented the seller, a family-owned entity that has owned the building since the mid-1980s. Ezratty also procured the buyer. The analyst for the offering was Gary Meese, Senior Director of Financial Services.
“This prime corner property will be part of a larger assemblage that will include additional development rights from adjacent property owners,” Ezratty said. “The demand for development sites like this speaks to the continued strength of Manhattan’s condominium market, particularly on the Upper West Side where condos are trading for well over $2,000 per square foot.”
The site offers ±125,880 square feet of zoning floor area as of right, and ±151,056 square feet of zoning floor area with an inclusionary bonus, which when combined with additional development rights from adjacent property owners, could result in well over 200,000 buildable square feet.
“The southwest corner of Broadway and West 96th Street is a highly visible location that is ideal for a mixed-use development,” Hauspurg said. “The site benefits from heavy foot traffic throughout all hours of the day because it’s across from a subway station and located in a densely populated neighborhood.”
The property is adjacent to the 96th Street 1, 2, 3 subway station, featuring express train service to Times Square/42nd Street. Three blocks from Central Park and two blocks from Riverside Park, the development site is near all of the Upper West Side’s schools, cultural, recreational, retail, and dining amenities.
This transaction marks the second development assemblage Ezratty has worked on in recent months. Last May, Ezratty arranged the $100 million sale of a prime NoMad residential development assemblage offering 170,000 buildable square feet across three contiguous buildings at 30-36 East 29th Street between Park Avenue South and Madison Avenue and surrounding air rights. The buyer was the Rockefeller Group.
Powered by a highly skilled team of over 100 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.com and follow us on Twitter@EasternConsol.
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