Real estate investment and development company DDG has inked a deal to buy a 130,000-square-foot mixed-use development site from major outer-borough landlord Muss Development, The Real Deal has learned.
The company will pay close to $70 million for the site, at 1558-1560 Third Avenue on the corner of East 88th Street, which was marketed by Helen Hwang and Nat Rockett of commercial brokerage Cushman & Wakefield.
DDG declined to comment, and it was not clear whether they used a broker in the deal. Rockett declined to comment.
The site, which currently houses two vacant five-story apartment buildings on interconnecting lots, is primed for a new development containing 117,000 square feet of residential units and 13,000 feet of commercial or retail space, according to previous reports. The site comes with height limitations of 365 feet – taller than other recent buildings developed in the area.
The site came on the market in July, as previously reported.
A spokesperson for real estate heir Jason Muss directed all questions to the company’s public relations representative, who did not immediately return a request for comment.
Muss chose to sell the property despite his company’s recent interest in Manhattan-centric development. The young mogul was recently quoted on his intention to divert from his family’s historic focus on the outer boroughs and look towards constructing and acquiring residential and commercial buildings in Manhattan.