Upper East Side multi-housing development site sells for $32.325M

NEW YORK, Mar. 29, 2021 — JLL Capital Markets announced today that it has completed the $32.325M sale of 1303-1309 Third Ave., a premier corner development site on New York City’s Upper East Side.

JLL worked on behalf of the seller, Gastonia, LLC to complete the sale to the buyer, EJS Group.

The assemblage, located at the southeast corner of Third Ave. and E. 75^th St., provides a unique development opportunity with more than 150 feet of wraparound frontage. The site is ideally positioned for a developer seeking to build in the heart of one of Manhattan’s most desirable and established neighborhoods.

The property is within walking distance to major attractions and amenities, including Central Park, world-class museums, leading hospitals, premier schools, fine dining and shopping. It is located in close proximity to the Q, 4, 5 and 6 subway lines, providing direct access to Midtown and the rest of Manhattan.

The JLL Capital Markets team representing the seller was led by Managing Directors Guthrie Garvin, and Jonathan Hageman; Directors Jack Norton and Solomon Michailow; and New York Investment Sales Chairman Bob Knakal.

“1303-1309 Third Ave. is a unique development opportunity with extraordinary potential,” said Garvin. “Its location within one of Manhattan’s most sought-after neighborhoods offers developers the chance to create a stand-out residential property.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.