The Real Deal New York

Wonder Works, partners plan condo project on the UES

After $24M deal, developers look to build 48-unit, 75K sf property
By Mark Maurer | March 17, 2015 03:15PM

The development arm of Joseph Klaynberg’s Wonder Works Construction, in partnership with Daniel Figotin’s Fimida Enterprises and Daniel Minkowitz’s Mink Development, just bought an Upper East Side parking garage and is looking to construct a 21-story condominium building on the site, The Real Deal has learned.

The development team, which also includes Forbes Development LLC, said they paid $24 million for the three-story property at 302 East 96th Street and air rights from neighboring buildings near Second Avenue, in a deal that closed last week. They plan to raze the garage and build a 75,000-square-foot property with 48 luxury apartments. They have yet to choose an architect for a project.

The seller, David Berley’s Walter & Samuels, owned the building for little more than a year, having paid $10 million.

“We are looking to fill a gap in an underserved market with affordable luxury, which is our forte,” said Eric Brody, principal of Wonder Works and formerly of the Brody/Amirian Group. David Amirian picked up an empty four-story Chelsea commercial building for $28.5 million, as TRD reported earlier today. Affordable luxury projects are becoming increasingly prevalent on the Upper East Side.

Last year, Walter & Samuels and garage investor Arnold Penner sold a five-story parking garage at 219-223 West 77th Street to the Naftali Group, which is planning a condo project.