Wonder Works Development Group, Forbes Development LLC, Mink Development and Fimida Enterprises have acquired 302 East 96th Street, a three-story parking garage, near the corner of Second Avenue, with plans to construct a new 21-story luxury condominium residence.
The purchase price was $24 million. The developers plan to build a 48-unit, 75,000 s/f tower on the site.
It will be one of the Upper East Side’s newest ground-up luxury condominium residences north of 86th street.
“We are excited to bring this high end product and aesthetically driven design to a neighborhood that is transforming before our very eyes.,” said Mink Development’s founder Daniel Minkowitz.
“With the new Second Avenue subway line opening soon and a flood of new retailers to this corridor, we have high expectations for this project.”
“There is a very high demand in the neighborhood for new condominiums,” said Daniel Figotin, principal of Fimida Enterprises, a partner in Mink Development, an investment and management company in New York City.
“The only recent condos in the area have come from converted rentals which are old stock.” A Cushman & Wakefield Equity, Debt & Structured Finance team, led by Gideon Gil, John Spreitzer and Andre Haas served as exclusive advisor to the joint venture.
An $18.4 million acquisition and pre-development bridge loan was provided by G4 Capital Partners.