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Veteran developer snaps up $82m Manhattan site.

In an important East Side development site sale brokered by Eastern Consolidated, J.D. Carlisle Development Company, headed by developer Jules Demchick, has purchased a 14,549 square foot plot at the northwest corner of 23rd Street and Third Avenue for $82 million.

The site, which extends along Third Avenue to just 25 feet short of 24th Street, was acquired from real estate investors Yair Levy and Serge Hoyda. Currently housing a group of 5-story walk-ups, the site can accommodate a residential tower of over 250,000 square feet.

"This is a case where a veteran developer with an outstanding track record for successfully building luxury condominiums loved the site and moved very aggressively to acquire it," stated Eastern Consolidated Senior Managing Director Ron Solarz, who together Senior Managing Director Eric Anton and Vice Chairman Brian Ezratty brokered the sale. "The purchase price ($326 a foot) is very much in line with current values for prime locations in this very strong marketplace," added Mr. Anton.

With this latest transaction, Eastern Consolidated continues to strengthen its position as the preeminent broker of development sites in New York City.
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Title Annotation:Eastern Consolidated Properties Inc. brokered a sale of a developmental site
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Jun 22, 2005
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