The Real Deal New York

Mitchell Marks plans $105M sellout for UES condo

Developer is in contract for storage facility on East 61st Street site

August 02, 2016 04:48PM
By Kathryn Brenzel

61st STreet

305 East 61st Street on the Upper East Side

Developer Mitchell Marks plans to convert a storage facility in Lenox Hill into an eight-unit condominium building with a projected total sellout of $105 million.

Marks filed an offering plan for 305 East 61st Street, home to a 10-story warehouse that he’s in contract to buy, according to documents filed with the state Attorney General’s office. He plans to build eight residential units and two commercial units in the 72,000-square-foot building. Marks is currently in contract to buy the property from EMS Capital — a hedge fund run by Edmond Safra, of Brazilian banking giants M. Safra & Co. — and Tisch Foundation, though the details of the sale are currently unavailable. Jason Carter is also listed on the offering plan as a principal of the project’s sponsors.

Marks and Carter did not return messages seeking comment. A representative for EMS Capital declined to provide additional information on the deal. A developer can file offering plans for a condo project before technically owning the property as long as the developer ends up with the title at closing, according to the Attorney General’s office.

Robert Knakal and Clint Olsen of Cushman & Wakefield marketed the building. The asking price for the property, according to Agorafy, was $42.5 million.

Marks filed plans with the city’s Department of Buildings earlier this month, calling for interior demolition in the building to make way for full-floor residential units on the third through 10th floors of the building. The first and second floors will feature office space.

EMS Capital bought the property in 2012 for $28 million and then, along with Madison Development, converted the storage warehouse into a high-end art storage facility for residents of luxury buildings on the Upper East Side. The building, now vacant, had 358 storage lockers, according to Agorafy.

Will Parker contributed to this report. 

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