The Real Deal New York

Michigan developer to build Second Ave. condo?

April 05, 2012 12:30PM
By Katherine Clarke

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From left: Louise Beit of Sotheby's International Realty, Bob Knakal of Massey Knakal and the Second Avenue site

Gould Investors, an owner and operator of commercial and residential real estate assets, has sold a five-story walk-up apartment building at 1162 Second Avenue, to Michigan-based Dart Development Group, a first-time investor in New York City with plans to bring a new-construction condominium to the site, sources told The Real Deal yesterday.

The site, which was asking $17.2 million when it was first put on the market in 2007, was marketed by Robert Knakal and Clint Olsen of Massey Knakal Realty Services. It had been in contract for a short time after it first came online, Knakal said, but that deal fell through. When the recession took hold, it was taken off the market and ultimately returned six months ago, said Mark Lundy of Gould, saying there was “a period when it wasn’t wise to sell.”

The building, on the corner of 61st Street, was marketed with rights that allow the site to support 45,812 square feet of residential development.

Louise Beit of Sotheby’s International Realty, who represented the buyer, declined to comment.

Gould, which oversees several property firms, had planned a 14-unit condominium property on the site, according to previous reports; Twelve of the units were slated to be simplexes and two were to be duplex penthouses.

The company ditched its condo plans, Lundy said, because it doesn’t do “that much ground-up development.”

An aspect of the Gould’s plans may be revived under the new ownership, Knakal said, claiming Dart is building a condo at the site.

“I think they’re working off completely new plans,” he said.

Asked why Dart had been interested in the site, Knakal responded: “Anytime you get something on the Upper East Side, it’s a good opportunity.”

Dart did not respond to a request for comment.

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