Boomerang Development pays $13.7M to Spruce Capital for 15-unit dev site in Yorkville

Boomerang Development Group through the entity Boomerang 79 LLC paid Spruce Capital Partners’s SR 79 LLC $13.7 million for 323 East 79th Street in Yorkville. The deal closed on March 16, 2021 and was recorded on April 1, 2021. The transaction consists of 1 parcel, including the tax class office building with commercial with one to six stories (O5). The property is
Spruce Capital filed plans in January 2019 that have been approved but not yet permitted, for a 26,763-square-foot building with 15 apartments.
The seller is Spruce Capital, which is an affiliate of the new lender to Boomerang, S3 Capital, making the financing similar to a purchase money mortgage. The contract date was December 8, 2020. Boomerang is based in Brooklyn. The last time the property sold was November 15, 2017, when S3 Capital affiliate Spruce Capital bought it for $12,750,000.
Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $101,852.

There has been one demolition project filed for the parcels over the past five years.

Direct link to Acris document. link
The signatory for the buyer was Marco Auteri.