September 17th, 2024, New York, NY – Meridian Capital Group announced today that its Institutional Investment Sales Group represented Y Leaf LLC in the $25 million sale of 1382-1386 Second Avenue to The Torkian Group. Located at the northeast corner of 71st Street and Second Avenue on Manhattan’s prestigious Upper East Side, the site offers an opportunity to develop a premier, 58,000 SF boutique residential project.
A Meridian team of Helen Hwang, Brian Szczapa, Yasmin Kheradpey, Ian Shoenfeld, and Justin Axelrod facilitated the transaction on behalf of the seller.
The property offers a 5,800 SF footprint that benefits from 152-feet of wraparound frontage. Located on the same block as the Q-train subway entrance at the East 72nd Street / Second Avenue station, the new development will offer residents the perfect blend of transportation convenience, lifestyle amenities and neighborhood charm that is rare to find elsewhere in Manhattan.
“301 East 71st Street is an ideal, corner development site that attracted significant interest from a variety of potential developers, highlighting growing demand for high-quality development opportunities in sought-after Manhattan neighborhoods,” said Helen Hwang, Senior Executive Managing Director and Head of Meridian’s Institutional Investment Sales Team. “Meridian has been the most active brokerage in the land sales space with seven closed transactions in the last nine months, totaling 1.2 million SF of development potential and $350 million in volume.”
Helen Hwang, Senior Executive Managing Director of Meridian’s Institutional Investment Sales group, can be reached at (212) 468-5930 or HHwang@meridiancapital.com.