CB Developers to pay $25M for site next to Murray Hill project

Buyer working with Ironstate and SK Development on 18-story rental building

From left: Joanna Cutler, 587-591 Third Avenue and Charles Blaichman
From left: Joanna Cutler, 587-591 Third Avenue and Charles Blaichman

Charles Blaichman’s CB Developers is in contract to acquire three adjacent five-story buildings for $25.2 million, or $420 per square foot, The Real Deal has learned.

The rental buildings at 587-591 Third Avenue, near 39th Street, offer a combined 60,000 buildable square feet. They sit next door to an 18-story, 91-unit rental project under construction on the corner. CB Developers, in partnership with Hoboken, N.J.-based Ironstate Development and Soho-based SK Development Group, are overseeing the development of the site, which is located at 593-597 Third Avenue, Also Known As 200 East 39th Street.

The retail includes Wharf Bar and Grill and formerly Margarita Murphy’s, which closed in April.

A Chinese nonprofit family trust known as the J. T. Tai & Company Foundation has owned the site for more than 30 years, property records show. The foundation is also in contract to sell a Sutton Place development site at 1055-1057 Second Avenue for $19 million, as The Real Deal reported in July.

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Joanna Cutler represented both the buyer and the seller. The deal entered contract in May.

Blaichman could not be immediately reached for comment.

Correction: This article misidentified the broker on the deal. The broker is Joanna Cutler.