Development Sites

Upper West Side Condo Development Could Fetch $70M

219-223 West 77th Street. (Credit: Avison Young)

Avison Young will bring an Upper West Side development site at 219-223 West 77th Street to the market in the coming weeks that the firm said could bring offers into the $70 million range.

The 7,700-square-foot lot currently holds a 42,000-square-foot parking garage – with an additional basement space – that will very likely be razed to make way for a new residential development project that could reach 77,000-square-feet. Read More

Sales Beat

Hospital for Special Surgery Pays $31 M. for Upper East Side Development Site

manhattan-apts-for-sale-and-rent-near-hospital-for-special-surgery-at-535-east-70th-street

Hospital for Special Surgery has purchased a development site at 517 East 73rd Street and 523 East 73rd Street for $31 million, where it plans to expand its campus along the Upper East Side, The Commercial Observer has learned.

The property, between York Avenue and the FDR Drive, is within a few blocks from the hospital’s main campus at 535 East 70th Street, and in close proximity to the other hospital and medical centers that support the Upper East Side.

“On behalf of the sellers, we were able to secure a not-for-profit buyer, which is a great fit for this property and complementary to the medical character of the neighborhood,” said Jon Epstein of Avison Young in a statement, who represented the seller, a private family owner, with Vincent Carrega. “This site presented a unique opportunity for Hospital for Special Surgery to develop a new facility near to its existing main campus.” Read More

2013 Forecast

Cautious First Quarter, Positive Investment Sales in 2013 – Avison Young

Jon Epstein, principal with Avison Young's’s capital markets group.

Canadian real estate services company, Avison Young, is predicting a cautious first quarter, despite reporting impressive sales in New York City’s investment sales market.

Strong sales was a hallmark of 2012’s fourth quarter, influenced by economic uncertainty due to so-called ‘fiscal cliff’ negotiations between President Barack Obama and Congress. Sellers chose to place assets on Read More

Sales Beat

Shlomo Bakhash Buys Williams Club For $9 Million

Williams Club

Real estate investor Shlomo Bakhash has purchased the former Williams Club, a 30,000-square-foot townhouse building at 24 East 39th Street for a little over $9 million New York City property records show.

Mr. Bakhash owns several assets through his real estate company, the Kash Group, both in the city and nationally. According to sources familiar with the deal, Mr. Bakhash has the option to either convert the building, which is vacant, into residential space or lease it out.

The Williams Club was owned by the prestigious liberal arts school Williams College, which used it as a club and dining facility for alumni and also as an events space for rent. The building was well known to the real estate industry, whose numerous associations and trade groups, including the National Realty Club, held functions at the location through the years. Read More