By Al Barbarino
Dart Development Group has purchased a 3,800 s/f development site at 301 East 61st Street on the Upper East Side for $15.4 million, city records show.
This is the first New York City purchase for Dart, a Lansing, Michigan-based development firm that specializes in the development of industrial parks.
“It’s New York City — what else can you say,” said Steve Mills, Dart Development Group’s real estate manager. “It’s the capital of the world.”
There is currently a five-story apartment building located on the lot, but the property’s location within a C2-8 zoning district allows for 37,012 buildable square feet. The previous owner also acquired an additional 8,000 s/f of inclusionary development rights for the property.
“We’re still in the initial planning stages, but ultimately there will be some sort of re-development,” Mills said, declining to outline the specific plans for the property. “At this point, we are working through the options.”
Louise Beit of Sotheby’s International represented the buyer. Massey Knakal chairman Bob Knakal and Clint Olsen, director of sales, represented the seller, Gould Investors L.P., according to city records, which owns and/or operates at least a dozen office, commercial and residential buildings in the New York City area.
“The location and size of the site make this opportunity perfect for a boutique residential condominium,” Knakal said. “We are seeing many first-time Manhattan buyers interested in development sites and they are making an impact on the market.”
* this article appeared in the April 18, 2012 print edition of Real Estate Weekly