GFI Realty Services announces sale of Kips Bay development site for $38 million

Manhattan, NY GFI Realty Services has announced the sale of a development site located at 563–571 Second Avenue and 247–251 East 31st Street in the Kips Bay neighborhood. The assemblage sold for $38 million, reflecting strong investor demand for large-scale development opportunities in core Manhattan 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 dales, of GFI Realty Services, who represented the seller.

The site offers approximately 88,000 buildable s/f and features 250 feet of frontage wrapped around Second Avenue and East 31st Street, providing visibility and flexibility for future development. The parcels are positioned directly 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.

Ideally located within close proximity to several major subway lines, the site benefits from excellent transit access and connectivity to Midtown Manhattan 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.”