Yawitz of Eastern Consolidated completes $12.5 million development site sale

Slazer Development has acquired an additional parcel in a site assemblage that, along with adjacent air rights from two nearby buildings, will ultimately accommodate a brand new luxury 50-story residential condominium on East 23rd St. overlooking Madison Sq. Park. Marcia Rose Yawitz, senior director, Eastern Consolidated, represented the seller, Dr. Edwin Rosenwasser and procured the buyer, Slazer Development, for 23 East 22nd St. as well as representing the buyer on the purchase of the parcels and air rights on East 23rd St., which took place in February 2007. The other parcels assembled to make way for the apartment building overlooking Madison Sq. Park, are 20, 22, and 24 East 23rd St., plus adjacent air rights were acquired from 18 and 26 East 23rd St. "The purchase of 23 East 22nd St. was crucial to the value of the assemblage, allowing the main entrance of the property to be on the quieter and more residential East 22nd St., as opposed to the very commercial East 23rd St. side," said, Yawitz. To be called One Madison Park, the building will sit on a six-story base, which will house the building's amenities and will permit expansive views of the city in a tower above the base. The 23rd St. side will have ground floor retail space. Yawitz said, "The assemblage began with the purchase of the properties at 20 and 22 East 23rd St. and the adjacent air rights, which she acquired for the buyer a year ago at prices ranging from for $325 to $350 per s/f." In order to increase the FAR, the developers also purchased inclusionary housing bonus rights. 23 East 22nd St., the latest parcel purchased in the assemblage, was sold for $12.5 million or $854 per s/f. Albert Gorman, Esq. represented the seller, while Andrew Albstein, Esq. of Goldberg Weprin, Ustin acted on behalf of the buyer.