Balkany and Weiser of GFI Realty Services sell Kips Bay development site for $38 million

Manhattan, NY GFI Realty Services brokered the sale of a development site located at 563–571 Second Ave. and 247–251 East 31^st St. in the Kips Bay neighborhood of the borough. The assemblage sold for $38 million, reflecting strong investor demand for large-scale development opportunities in core city locations.

The property was acquired by Empire Development from the Marchi family, which had owned the assets since the 1970s. The transaction was brokered by Leah Balkany, associate, investment sales, and Michael Weiser, president, investment sales, of GFI Realty Services, who represented the seller.

The site offers 88,000 buildable s/f and features 250 ft. of frontage wrapped around Second Ave. and East 31^st St., providing visibility and flexibility for future development. The parcels are positioned across from the AMC Kips Bay movie theater and are surrounded by national retailers and amenities, including Fairway Market, TD Bank, Bank of America Financial Center, Rite Aid, Western Union, and Sherwin-Williams.

Located within close proximity to several major subway lines, the site has transit access and connectivity to Midtown and beyond, further enhancing its appeal for large-scale residential or mixed-use development.

“This transaction underscores the continued strength of the Manhattan development market, particularly for well-located sites with scale, frontage, and access to transportation and amenities,” said the brokerage team. “We are proud to have represented the Marchi family and to have facilitated this significant sale in one of Midtown Manhattan’s most dynamic neighborhoods.”