Avison Young announced the sale of a development site at 126 East 86th Street between Lexington Avenue and Park Avenue in the Upper East Side neighborhood of Manhattan. The property sold for $26,000,000.
An Avison Young team comprised of Principal and head of the Tri-State Investment Sales group James Nelson, Principals Martin Cottingham and Erik Edeen, and Senior Associate Alexandra Marolda, represented the seller in the transaction. The buyer was Rybak Development.
“Development sales have been increasingly rare during the pandemic with only eight occurring since the second quarter in Manhattan,” said Nelson. “Although this transaction was signed pre-COVID, we were able to close with an extension because we had identified a very strong and capable buyer.”
The development site includes 51 feet of frontage along the 86th street corridor and is located in a C5-1A zone, which has a R10 residential equivalent. The Tri-State Investment Sales Group was also able to assist the buyer to secure additional air rights from a neighboring property to blend down the land basis and make for a more attractive development.