The Real Deal New York

CB Developers to pay $25M for site next to Murray Hill project

Buyer working with Ironstate and SK Development on 18-story rental building

September 04, 2014 04:40PM
By Mark Maurer

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From left: Robert Khodadadian, 587-591 Third Avenue and Charles Blaichman

Charles Blaichman’s CB Developers is in contract to acquire three adjacent five-story buildings for $25.2 million, or $420 per square foot, The Real Deal has learned.

The rental buildings at 587-591 Third Avenue, near 39th Street, offer a combined 60,000 buildable square feet. They sit next door to an 18-story, 91-unit rental project under construction on the corner. CB Developers, in partnership with Hoboken, N.J.-based Ironstate Development and Soho-based SK Development Group, are overseeing the development of the site, which is located at 593-597 Third Avenue, also known as 200 East 39th Street.

The retail includes Wharf Bar and Grill and formerly Margarita Murphy’s, which closed in April.

A Chinese nonprofit family trust known as the J. T. Tai & Company Foundation has owned the site for more than 30 years, property records show. The foundation is also in contract to sell a Sutton Place development site at 1055-1057 Second Avenue for $19 million, as The Real Deal reported in July.

Skyline Properties head Robert Khodadadian, who represented both the buyer and the seller, declined to comment. Broker Joanna Cutler served as an adviser on both sides. The deal entered contract in May.

Blaichman could not be immediately reached for comment.

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