Upper West Side Condo Development Could Fetch $70M
Al Barbarino April 9, 2014, 4:30 p.m.
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.
“Where pricing is moving, a condo development is the most logical and probable outcome,” Avison Young’s Neil Helman, who will lead the marketing efforts along with Vincent Carrega, Jon Epstein and Charles Kingsley of the same firm, told Commercial Observer.
Mr. Helman said his team will officially go to the market and begin “engaging with prospective developers” within the “next week or two.” The most likely buyers are Manhattan developers consistently doing deals at 100,000 square feet or less, followed by larger developers who may be drawn to the thriving location.
“It’s a highly viable site that would work for any size developer,” he said. “Based on where land prices are and lack of good development sites on the Upper West Side, we wouldn’t be surprised if pricing surpassed $900 per square foot or even reached $1000.”
An official asking price will not be set, however, he added.
Sylgar Garage LLC is the seller, while Walter & Samuels is managing the property, Mr. Helman said.
The New York Post first reported this story.