NEW YORK | Rose Hill (30-36 East 29th St) | 639 FT | 46 FLOORS

[chris08876]

Rockefeller Group to buy NoMad development site

Rockefeller Group, the city landlord perhaps best known for the large office towers it owns along Sixth Avenue, is in contract to acquire three adjacent buildings on East 29th Street that it plans to demolish to make way for a 170,000-square-foot condo project.

The firm is buying three buildings between Park Avenue South and Madison Avenue—30–32 E. 29th St., 34 E. 29th St. and 36 E. 29th St.—plus development rights from neighboring properties, to build a condo tower with 100 or more luxury units.

The buildings were owned by a collection of investors who may have been banking that a buyer like Rockefeller Group would combine the sites into a bigger development. According to city property records, Extell Development owns 30–32 E. 29th St., W Brothers owns 34 E. 29th St. and Michael Aryeh owns 36 E. 29th St.

It wasn't immediately clear what Rockefeller is paying for the sites and the additional development rights. Brokerage firm Eastern Consolidated had been marketing 30–32 E. 29th St. for Extell with an asking price of $74 million.

"We are under contract to purchase multiple parcels and surrounding air rights in the vicinity of Madison Square Park, which would create a large assemblage in what we consider a very desirable neighborhood," a spokesman for Rockefeller said in a statement. "As a company policy, we don't disclose details on potential acquisitions, but we are actively evaluating residential- and office-development opportunities throughout New York City."

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http://www.crainsnewyork.com/article...ar-park-avenue