Macklowe to pay $100M for mixed-use Third Avenue site

SL Green and Emmes slated to sell for $1,118 per buildable square foot

Harry Macklowe and 985-989 Third Avenue
Harry Macklowe and 985-989 Third Avenue

Developer Harry Macklowe is in contract to purchase a nearly 90,000-buildable-square-foot development site on the southeast corner of East 59th Street and Third Avenue from SL Green and Emmes Asset Management for $100 million.

If the deal closes, the price would equate to $1,118 per square foot. SL Green began looking to sell the three-building site at 985-89 Third Avenue earlier this month, enlisting Bob Knakal and Clint Olsen of Massey Knakal Realty Services to market it, as The Real Deal reported.

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SL Green acquired the main site for $18 million in 2012 but later snapped up the air rights required to build a mixed-use retail and residential tower. [NYP, 2nd item]Mark Maurer