Transaction amount: $$57,500,000
Prince Realty Advisors represented both sides of the 105,000SF development site at 615 10th Avenue. The transaction closed at $57.5 million, or just under $550 per buildable square foot. Xinyuan Real Estate plans to build up to 90 condos at the site, composed of one-and-two-bedroom units, as well as about 20,000 square feet of retail space. The seller was Speedway, a subsidiary of Marathon Petroleum Corporation. Both parties are publicly traded companies.
Class A Residential Condo Development Site
615 10th Avenue, New York NY 10036