By Konrad Putzier
An unnamed Russian-Israeli billionaire has snapped up a NoMad development site at 264 Fifth Avenue for $25.5 million, or $850 per buildable s/f.
Under current zoning, the site at the corner of West 29th Street and Fifth Avenue allows for the construction of a 30,000-s/f mixed-use building. The site boasts 130 feet of retail frontage. The existing structure is a five-story, 13,875-s/f mixed-use building with six retail stores and 13 residential units.
Bob Knakal and John Ciraulo of Massey Knakal represented the seller. The buyer was represented by Eran Elhanani of Esquared Realty. The attorney for the seller was Andrew W. Albstein of Goldberg Weprin Finkel Goldstein LLP and the attorney for the buyer was Jeff Schwartz of Wolf Haldenstein Adler Freeman & Herz LLP. The deal was all-cash.
“Not only did we send the property information to investors and developers but to all potential co-brokers. Eran Elhanani was able to bring us a highly qualified, first-time purchaser who paid a premium for the property,” Knakal said in a statement. He told Real Estate Weekly he reckons the site is best suited for a residential condo building with retail.