Macklowe to pay $100M for mixed-use Third Avenue site

SL Green and Emmes slated to sell for $1,118 per buildable square foot

Harry Macklowe and 985-989 Third Avenue
Harry Macklowe and 985-989 Third Avenue

Developer Harry Macklowe is in contract to purchase a nearly 90,000-buildable-square-foot development site on the southeast corner of East 59th Street and Third Avenue from SL Green and Emmes Asset Management for $100 million.

If the deal closes, the price would equate to $1,118 per square foot. SL Green began looking to sell the three-building site at 985-89 Third Avenue earlier this month, enlisting Bob Knakal and Clint Olsen of Massey Knakal Realty Services to market it, as The Real Deal reported.

SL Green acquired the main site for $18 million in 2012 but later snapped up the air rights required to build a mixed-use retail and residential tower. [NYP, 2nd item]Mark Maurer