Posted Jan 14, 2015, 2:50 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,988
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http://www.crainsnewyork.com/article...es-draws-crowd
Hot market for building sites draws crowd
Four development properties, where towers as high as 1,000 feet can be built, have hit the market in recent days.
BY DANIEL GEIGER
JANUARY 12, 2015
Quote:
Leading the charge is real estate investor Joe Sitt, who is seeking a buyer for 520 Fifth Ave., a big development site on the corner of West 43rd Street that he had planned to use as the launchpad for a property combining retail, hotel and residential space.
Mr. Sitt’s firm, Thor Equities, spent the past year demolishing the existing building on the site, readying the parcel for development. About 350,000 square feet can be raised at the corner location, which is expected to sell for $350 million or more. Andrew Scandalios, a senior broker at HFF, is leading a team that is marketing the property to local and international buyers.
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