February 12, 2020
CIM Group has sold two development sites in Gramercy Park for $40.5 million. Meridian Investment Sales confirmed that brokers Lipa Lieberman, David Schechtman and Abie Kassin represented the seller and procured the buyer in this off-market transaction, Minrav Development.
Located at 305-311 First Ave. and 343 E. 17th St., the five lots total 11,500 square feet. Located on the corner of East 18th Street and First Avenue, 305-311 First Ave. is 92 feet wide and 80 feet deep, while 343 E. 17th is 45 feet wide and 92 feet deep. In total, the development sites feature 80,000 buildable square feet, equivalent to approximately $500-per-square-foot.
Minrav is planning to construct two residential condominium buildings on the sites.
For comments, questions or concerns, please contact Paul Bubny