Mitchell Marks plans $105M sellout for UES condo

Developer is in contract for storage facility on East 61st Street site

TRD New York /
Aug.August 02, 2016 04:48 PM

Developer Mitchell Marks plans to convert a storage facility in Lenox Hill into an eight-unit condominium building with a projected total sellout of $105 million.

Marks filed an offering plan for 305 East 61st Street, home to a 10-story warehouse that he’s in contract to buy, according to documents filed with the state Attorney General’s office. He plans to build eight residential units and two commercial units in the 72,000-square-foot building. Marks is currently in contract to buy the property from EMS Capital — a hedge fund run by Edmond Safra, of Brazilian banking giants M. Safra & Co. — and Tisch Foundation, though the details of the sale are currently unavailable. Jason Carter is also listed on the offering plan as a principal of the project’s sponsors.

Marks and Carter did not return messages seeking comment. A representative for EMS Capital declined to provide additional information on the deal. A developer can file offering plans for a condo project before technically owning the property as long as the developer ends up with the title at closing, according to the Attorney General’s office.

Robert Knakal and Clint Olsen of Cushman & Wakefield marketed the building. The asking price for the property, according to Agorafy, was $42.5 million.

Marks filed plans with the city’s Department of Buildings earlier this month, calling for interior demolition in the building to make way for full-floor residential units on the third through 10th floors of the building. The first and second floors will feature office space.

EMS Capital bought the property in 2012 for $28 million and then, along with Madison Development, converted the storage warehouse into a high-end art storage facility for residents of luxury buildings on the Upper East Side. The building, now vacant, had 358 storage lockers, according to Agorafy.

Will Parker contributed to this report. 


Related Articles

arrow_forward_ios
Luca Orlandi and Felipe Dutra (Credit: Getty Images and Google Maps)

Designer Luca Orlandi sells UES townhouse for $27M

From left: 2785 Broadway, 521 Bergen Avenue in the Bronx, and 1685 First Avenue (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

The Real Deal takes a look at the calls made to NYC’s 311 hotline over the past year. (Credit: iStock)

What NYC tenants complain about the most by neighborhood

21 East 63rd Street (Credit: Compass)

The Chopard Mansion is on the market for $40M

Elie Hirschfeld and 11 East 68th Street (Credit: Getty Images, Sotheby's, iStock)

Elie Hirschfeld sells UES penthouse for $34M

Jeffrey Epstein will stay in jail while a judge decides whether to grant him bail (Credit: Getty Images, iStock)

Jeffrey Epstein will stay in jail for now as judge postpones decision on bail

Jeffrey Epstein

Jeffrey Epstein’s attorneys want him on house arrest inside $77M mansion ahead of his trial

1039-1045 Madison Avenue and Miki Naftali (Credit: Google Maps)

Naftali lands $120M+ in financing for Upper East Side project

arrow_forward_ios