Minrav Development pays $12M to CIM Group for second development site in Gramercy

Minrav Development bought a second development site from CIM Group on the same tax block. The first was reported yesterday on PincusCo. Minrav through the entity 343 E 17 St Owner LLC paid CIM Group’s 343 East 17th Street (Ny) Owner, LLC $12.0 million for 343 East 17th Street in Gramercy. The deal closed on February 5, 2020, and was recorded on February 12, 2020. The transaction consists of 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1).
The parcel(s) have total development potential of 24,923 square feet, as estimated by PincusCo.
The average sale price per square foot is $481.

The last time the property sold was March 1, 2017, when CIM bought it for $13,000,000 as part of a six-parcel, $87 million purchase from Mount Sinai Beth Israel hospital. On Wednesday, Minrav recorded the purchase of 305-311 First Avenue from CIM Group for $28.5 million.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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