Carmel Partners picks up UES dev site

Developer paid $73.5M for First Ave property

New York /
Jan.January 07, 2022 02:00 PM
Carmel Partners picks up UES dev site

Ron Zeff and 1487-1493 First Avenue (Google Maps, Carmel Partners)

Carmel Partners bought a development site on the Upper East Side for more than $70 million — the neighborhood’s second big land deal in recent weeks.

The San Francisco-based investment firm headed by Ron Zeff paid $73.5 million to buy a development site at the southwest corner of 1st Avenue and East 78th Street, sources familiar with the sale told The Real Deal.

The property at 1487 1st Avenue, has a little more than 153,000 square feet of buildable space, bringing the price to approximately $480 per square foot. Carmel can increase the size of any future development with the purchase of inclusionary housing certificates.

A representative for Carmel Partners could not be immediately reached for comment. A JLL team of Bob Knakal and John Hageman negotiated the deal on behalf of the seller, a private family. The brokers couldn’t be reached for comment.

Carmel’s purchase comes after Miki Naftali’s Naftali Group paid $72.6 million to buy a pair of Upper East Side apartment buildings a block west at 1481-1489 Second Avenue, also brokered by JLL. Naftali could develop a building as large as 186,000 square feet on the site.

Carmel made headlines in recent years as it was embroiled in a pay-for-play scandal in Los Angeles, for which it agreed in January 2021 to pay a $1.2 million fine.

The company announced in May 2021 it had issued about $220 million in land and construction loans for multifamily properties in New York and Boston.

The firm has been pretty quiet on the investment front in New York as of late. In 2018, the company sold a portfolio of multifamily properties covering 3,870 units in New York, California and Hawaii to Brookfield Property Partners for $1.9 billion.

The sale included the 157-unit, 30-story rental tower at 15 Cliff Street in the Financial District for $125.4 million. 





    Related Articles

    arrow_forward_ios
    BFC Partners managing principal Donald Capoccia and renderings of 1607 Surf Avenue on Coney Island (BFCNYC)
    BFC breaks ground on next phase of Coney Island affordable project
    BFC breaks ground on next phase of Coney Island affordable project
    John Arrillaga (Raymond Purpur of the Stanford Athletic Department)
    John Arrillaga, pioneering Silicon Valley developer, dead at 84
    John Arrillaga, pioneering Silicon Valley developer, dead at 84
    Southampton Town supervisor Jay Schneiderman (jayschneiderman.com, Google Maps)
    Southampton Town considers buying 40 acres
    Southampton Town considers buying 40 acres
    From left: Don Mullen, chief executive officer, Pretium Partners; Kelli Lawrence, chief executive officer, Onyx+East (Pretium Partners, Onyx+East, iStock)
    Pretium to launch $600M JV for build-to-rent development
    Pretium to launch $600M JV for build-to-rent development
    Sergey Ryback, founder, principal, Ryback Development (Google Maps, Ryback Development)
    Bad vibes threaten Rybak’s Upper East Side project
    Bad vibes threaten Rybak’s Upper East Side project
    Goldman Sachs CEO David Solomon and National Affordable Housing Trust CEO Lori Little (Getty, National Affordable Housing Trust, iStock)
    Goldman Sachs to launch fund supporting Black affordable developers
    Goldman Sachs to launch fund supporting Black affordable developers
    After 17 years, Ossining stops project on technicality: lawsuit
    After 17 years, Ossining stops project on technicality: lawsuit
    After 17 years, Ossining stops project on technicality: lawsuit
    Uptown ATX (Brandywine Realty Trust)
    $24M metro station for $3B Texas development breaks ground
    $24M metro station for $3B Texas development breaks ground
    arrow_forward_ios

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

    Loading...