Elie Hirschfeld’s Hirschfeld Properties pays $28.5M to Glenwood Management for office property in Yorkville

Elie Hirschfeld’s Hirschfeld Properties through the entity Vertical Projects NYC LLC paid Glenwood Management’s 94th Realty LLC $28.5 million for 207 East 94th Street in Yorkville. The deal closed on December 11, 2019, and was recorded on December 16, 2019. The transaction consists of 1 parcel, including the tax class office building with commercial with one to six stories (O5). The property is 38,655 square feet. The parcel(s) have total development potential of 38,655 square feet.
The average sale price per square foot is $737.
The estimated cap rate is 2.5%
Kassin Sabbagh Realty’s Bunny Escava, Dan Myers and Jared Rahmanan brokered the transaction.

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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $3,000. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $1,674,850.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link