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Massey Knakal Realty Services is pleased to offer the sale of a Fee Acquisition Loan and a Development Rights Acquisition Loan collateralized by a development site at 953-961 First Avenue and its included development rights. Located between East 52nd and East 53rd Streets, the collateral site would be suitable for a luxury mixed-use development. This offers a buyer an exceptional opportunity, as the notes can be acquired for considerably less than recent comparable development site sales which have ranged from $299/BSF to $495/BSF. 2009 and 2010 Midtown East condominium sales have held up well, averaging $1,172 per square foot. In addition, the market is on an upswing as recent contracts and asking prices are up above those sales. Meanwhile, asking rents in the area are now averaging over $70/SF, almost a 30% increase from previously achieved rents.

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Neighborhoods: Yorkville