Extell sells three UES walk-ups to Izaki Group for $42M

Zoning allows for a 10-story building on site

New York /
Mar.March 08, 2017 01:30 PM

Izaki Group Investments bought three adjacent Upper East Side walk-up Apartment Buildings On East 86th Street between First and Second Avenues for $42 million from Gary Barnett’s Extell Development, property records filed with the city Wednesday show.

The three properties come with as-of-right air rights and transferrable development rights from a neighboring property, allowing Izaki to build a 71,240-square-foot building up to 210 feet tall. Two of the buildings, 310 and 312 East 86th Street, stand three stories tall and the third, 314 East 86th Street, has four floors. All three buildings have commercial units in the ground floor.

JLL’s Glenn Tolchin, Yoav Oelsner and Anthony Ledesma brokered the deal. Extell bought two of the properties as recently as April 2016. Extell has been selling off some smaller development sites and assemblages over the past year, in an apparent bid to focus on major projects like the Lower East Side condo project One Manhattan Square and Central Park Tower on West 57th Street. The company still has a lengthy pipeline of construction projects.

Izaki, headed by Eldad Blaustein, did not respond to a request for comment. The firm took out a $26.8 million loan from Bank Leumi to finance the acquisition.

Izaki Most Recently Developed The Tribeca Apartment Buildings 93 Worth Street and 15 Renwick Street.


Related Articles

arrow_forward_ios
 JLL CEO of capital markets Richard Bloxam and Roofstock CEO Gary Beasley (JLL, Roofstock, iStock)
JLL gets in rental home business
JLL gets in rental home business
Mack-Cali Realty CEO Mahbod Nia and MaryAnne Gilmartin (Photos via Mack-Cali Realty)
Mack-Cali Realty names Mahbod Nia as CEO
Mack-Cali Realty names Mahbod Nia as CEO
The comedy club argues that if SNL can operate, then they should be allowed to operate too. (Getty)
Manhattan comedy club sues Cuomo over pandemic closures
Manhattan comedy club sues Cuomo over pandemic closures
(iStock)
These were Manhattan’s best office submarkets in Q4
These were Manhattan’s best office submarkets in Q4
(iStock/Illustration by Alexis Manrodt for The Real Deal)
Order up: Real estate investors line up to buy drive-throughs
Order up: Real estate investors line up to buy drive-throughs
Mayor Bill de Blasio (Getty, iStock)
NYC to revive $17B in public construction projects
NYC to revive $17B in public construction projects
Houston House at 298 East 2nd Street and Matt Lee (Houston House, LinkedIn)
Developer Matt Lee to auction off East Village condo
Developer Matt Lee to auction off East Village condo
(Getty)
Hotel stocks went bonkers in February
Hotel stocks went bonkers in February
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...