The Real Deal New York

Premier Equities marketing five-building UES portfolio

Combined sites total 115K sf in development rights
March 02, 2016 08:31AM

201 East 74th on the Upper East Side, one of the properties for sale

201 East 74th on the Upper East Side, one of the properties for sale

Midtown-based Premier Equities is looking to sell a set of five Upper East Side buildings with substantial residential development rights.

The real estate investment firm is offering four five-story buildings on the corner of East 74th Street and Third Avenue, as well as a four-story property on East 75th Street.

The asking price for the properties isn’t known, but the ultimate level of demand for the package will likely serve as a bellwether for the state of the city’s luxury residential market, which observers have recently predicted is set for a flattening or even a slowdown.

The sites have a combined 115,000 square feet in development rights, according to Meridian Investment Sales, Crain’s reported.

Meridian’s Helen Hwang, Karen Wiedenmann and Brian Szczapa are marketing the site.

The brokers said one possible scenario for the site would be for a buyer to demolish two of the five buildings and build a 95,000-square-foot residential building on the site.

Premier – led by Uzi Ben Abraham and Yaron Jacobi – owns about three dozen properties in the city, with a focus on retail, according to its website. [Crain’s]Ariel Stulberg