Rybak Development pays $24.4M for dev site in Midtown
Rybak Development through the entity 660 Lexington Avenue Development LLC paid $24.4 million to Joan Capaccio and Mary Anderson Dillon and through the entity 656-660 Lexington Avenue, LLC for mixed-use building (K2) as a development site at 656 Lexington Avenue in Midtown, Manhattan.
The deal closed on December 6, 2021 and was recorded on December 22, 2021.
The property has 8,824 square feet of built space and 35,280 square feet of additional air rights for a total buildable of 44,100 square feet according to PincusCo analysis of city data. The sale price per built square foot is $2,764 and the price per buildable square foot is $553 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Joan Capaccio and Mary Anderson Dillon was attorney James Biagi.
Rybak Development is located at the same address as buyer LLC. According to Real Estate Weekly, Cushman & Wakefield’s Will Conrad and Damani Strasner represented the seller.
Within a 400-foot radius of 656 Lexington Avenue, PincusCo identified 12 commercial real estate items of interests occurred over the past 24 months.
Of those 12 items, one was in new building development. It was a new building permit issued on November 19, 2020 for a 59,819-square-foot R-2 building with 62 residential units at 115 East 55th Street.
Of those 12 items, four were sales above $5 million totaling $724.1 million. The most recent of the four was Palin Enterprises which bought the 112,000-square-foot, 102-unit office building (O6) on 155 East 55th Street and two other properties for $65.1 million from Alvin Dworman on June 15, 2021.
Of those 12 items, seven were loans above $5 million totaling $983.3 million. The most recent of the seven was MRR Development which borrowed $10.0 million from Israel Discount Bank secured by the 0-square-foot development site (V1) on 129 East 56th Street and nine other properties on August 20, 2021.
Correction: The seller was corrected from attorney James Biagi to the sellers Joan Capaccio and Mary Anderson Dillon, who inherited the property from relatives.
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