Ferrara of Highcap Group arranges sale of development site for $5.4 million

Michael Ferrara of Manhattan-based investment sales brokerage firm Highcap Group arranged the sale of a development site at 64 East 1st St., located between 1st Ave. and 2nd Ave. which sold for $5.4 million. Ferrara represented both the buyer, a private developer, and the seller, a long term family ownership. Situated in the East Village and close to the F train with a Park across the street, this vacant building is ripe for a residential development. The property is 4,400 s/f and was previously occupied by the restaurant/lounge, La Vie. The property is zoned R8B with a maximum FAR of 4 and has 13,500 s/f of air rights. Ferrara said, "64 East 1st St. is a prime residential development well positioned in the East Village at the intersection of NoLita, NoHo and the LES. The area has some of the city's best restaurants, nightlife and is a short walk to Whole Foods and the Bowery."