GFI Realty Services arranged the sale of a development site located at 563–571 Second Ave. and 247–251 E. 31st St. in Kips Bay. The assemblage sold for $38,000,000, reflecting strong investor demand for large-scale development opportunities in core Manhattan locations.
The property was acquired by Empire Development from the Marchi Family, which had owned the assets since the 1970s. The transaction was brokered by GFI associate Leah Balkany and president Michael Weiser, who represented the seller.
The site offers approximately 88,000 buildable square feet and features 250 feet of frontage wrapped around Second Avenue and East 31st Street, providing prominent visibility and flexibility for large-scale residential or mixed-use development. It is surrounded by a strong lineup of national retailers and amenities.
“This transaction underscores the continued strength of the Manhattan development market, particularly for well-located sites with scale, frontage, and access to transportation and amenities,” GFI said in a statement.
