Guarino and Ren of Friedman-Roth secure $16 million sale of development site

Friedman-Roth Realty Services LLC arranged the sale of 1985-1991 Third Ave. , for the second time in 2 years. This property sits on the corner of East 109th St., with over 100 feet of frontage on Third Ave., with a strong retail component, and a tremendous amount of value-add residential development. With 30,000 s/f existing, and nearly that amount in useable air-rights the property is re-development ready. The property was represented on the seller-side by Richard Guarino, Partner at Friedman-Roth, one year ago for $10 million from the long-term owner, to Emmut Properties representing a 60% increase in sales price in only one year. The East Harlem property closed for $16 million which is $246 per buildable s/f. The seller, Emmut Properties, bought the project last year and converted the property to development ready property site. Guarino, partner at Friedman Roth was the listing broker, and Lily Ren of Friedman-Roth Realty Services, procured the purchaser.