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Avison Team Closes $26M Sale of UES Development Site
Avison Young’s Tri-State Investment Sales group closed the sale of a development site at 126 E. 86th St. between Lexington and Park avenues on Manhattan’s Upper East Side. 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. 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. The Tri-State Investment Sales Group was also able to assist the buyer in securing additional air rights from a neighboring property.
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
- ◦Sale/Acquisition
