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A gas station at 24 Second Avenue in Lower Manhattan is about to be reborn as high-end residential condominiums with ground-floor retail after a $32-million sale of the site orchestrated by Newmark Grubb Knight Frank (NGKF). The deal is the latest example of investors scooping up any developable site below 96th Street as the competition for land in Manhattan continues unabated.
The off-market transaction attracted numerous bidders, says Trever Gallina, a director with NGKF Retail, who was the sole broker involved in the sale from the seller, 24 Second Ave Corp., to the buyer, AORE Capital.
“The seller selected AORE Capital because of its experience and its development plans for the site,” Mr. Gallina said. “AORE recently redeveloped 53 Greene Street in Lower Manhattan as high-end luxury condominiums, for example.”
Located at the northeast corner of Second Avenue and First Street, the site had until recently operated as a BP service station by one family for several generations. AORE’s plans call for a new 50,000-square-foot luxury condominium building with 7,000 square feet of retail on the ground floor and basement.
Construction is expected to begin soon and completion is slated in 24 months. Marketing for the retail component will likely commence in a year, according to Mr. Gallina, who will spearhead the effort.
“It is one of the very few scheduled developments in this area,” he said. “The site is the last undeveloped piece of land in this neighborhood, and AORE’s project is expected to attract considerable interest.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 330 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets. For further information, visit www.bgcpartners.com.