Cushman & Wakefield Sells Prestigious Development Site in Manhattan for $300 Million
A development site at 143-161 East 60th Street, between Lexington and Third Avenues bordering Midtown's Plaza District and the Upper East Side, was sold in an all-cash transaction valued at $300,000,000.
The assemblage, consisting of six contiguous low-rise buildings that sit on approximately 19,685 square feet of land, features 200 feet of street frontage directly across from the world-renowned Bloomingdale's flagship store and contains roughly 282,925 buildable square feet above grade. Zoning allows for a base FAR of 10.0 on a residential or commercial basis with an additional 2.0 FAR of strictly residential rights permitted through the Inclusionary Housing Program, which have already been transferred to the site and were included in the sale. The sale price equates to approximately $1,060 per buildable square foot.
The seller of 143-161 East 60th Street is New York City-based developer, The World Wide Group, which completed the property assemblage in 2014. Kuafu Properties, a Chinese developer, purchased the assemblage.
Adjacent to Billionaire's Row, the site provides the opportunity to construct a global icon that will undoubtedly attract elite residential purchasers and draw top retail and commercial tenants from around the globe. Flexible zoning offers a first-class residential and commercial development opportunity in one of Manhattan's most prominent zip codes. Due to the unlimited height potential, expansive lot size, and desirable location, development of this property will alter the Manhattan skyline and become one of the city's tallest structures that will offer panoramic views of Central Park, Manhattan, and beyond.
"World Wide did an amazing job of assembling this site over a ten year period which created tremendous value in the property. And they were great folks to work with," said Cushman & Wakefield's Bob Knakal, Chairman, New York Investment Sales, who exclusively handled this transaction with Clint Olsen. "Kuafu was also an extreme pleasure to deal with. I have rarely seen a foreign buyer move so swiftly, yet carefully, to acquire such a major site. They were totally professional every step of the way," added Knakal.
The seller was represented by Laurie Grasso, Esq. and Douglas Hoffmann, Esq. of Hunton & Williams LLP. The buyer was represented by Daniel Dwyer, Esq. of Dai & Associates, PC.