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JV Acquires UES Parking Garage, Adjacent Air Rights for $24M

Development Group Planning 21 Story Luxury Condo Tower On Site
March 19, 2015
Wonder Works Development Group, Forbes Development LLC, Mink Development, and Fimida Enterprises have acquired the parking garage at 302 E. 96th St. in New York City from Walter & Samuels, Inc. for $24 million.

Totaling one-tenth of an acre, the site is currently improved with a three-story, 14,405-square-foot garage that was built in 1960 in the Upper East Side submarket of Manhattan.

The buyers plan to construct a new 21-story, 48-unit luxury condominium tower there. The proposed 75,000-square-foot residential building will be the UES's newest ground-up luxury residences in an area that hasn't see new condo construction in more than five years.

"We are excited to bring this high end product and aesthetically driven design to a neighborhood that is transforming before our very eyes," said Daniel Minkowitz, founder of Mink Development. "With the new Second Avenue subway line opening soon and a flood of new retailers to this corridor, we have high expectations for this project."

G4 Capital Partners provided an $18.4 million acquisition and pre-development bridge loan. A Cushman & Wakefield Equity, Debt & Structured Finance team led by Gideon Gil, John Spreitzer, and Andre Haas advised the joint venture.

Both parties handled the direct sale in-house.

Please see CoStar COMPS #3255176 for additional information on this transaction.
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