Invictus

15,530
BSF
38'
Frontage
R8B
Zoning
Vacant
Notes
$92,939
ANNUAL TAX BILL

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INVESTMENT HIGHLIGHTS

Invictus Property Advisors is pleased to announce the sale of a re-development site located in the Upper East Side’s Yorkville submarket. The two-story carriage house is 38’ wide and represents a future project of 15,530 BSF. The site traded for $5,750,000 (or $386/BSF). The asset was owned by an estate that was seeking a contingency-free and time-of-the-essence (TOE) closing and was encumbered with two holdover commercial tenants that would need to be vacated by new ownership post-closing. Despite the challenging sales conditions, we ultimately received sixteen (16) written offers over the course of a three-month marketing period. Developers placed a premium on the quality of the asset and the promise of the Yorkville neighborhood. The developer who acquired the project is planning a boutique condominium project.

Our team is handling several development projects of similar size and scale throughout the Manhattan Core. Sites in neighborhoods with strong condominium sellout data continue to be in high demand. Contact us for those opportunities as well as other asset classes we are handling throughout NYC.

Manhattan Development

INVESTMENT HIGHLIGHTS

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Josh Lipton

Andrew Levine

Jax Hindmarch

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