Toby Moskovits’ Heritage Equity plans for 150-unit building on 102,000 SF site
The CPEX Development & Conversion Sales Team has sold a Greenwood Heights development site on 4th Avenue for $19,750,000 to Heritage Equity Partners.
The property consists of two adjacent tax lots at 867-881 4th Avenue, which span the entire 4th Avenue block front between 32nd and 33rd Streets and have a combined footprint of approximately 25,000 square feet. Of the 25,000 square foot lot, 20,000 square feet are zoned C2-4/R7A and 5,000 square feet are zoned R6B.
The site offers approximately 79,000 buildable square feet, and up to 102,000 buildable square feet with the inclusionary housing bonus, for a mixed-use residential development.
Heritage Equity Partners, led by principal Toby Moskovits, plans to develop a 150-unit residential rental building.
“The area is in need of new housing developments, particularly full-service elevator buildings, which do not exist in the vicinity,” said Brian Leary, Managing Partner at CPEX Real Estate.
CPEX’s Development Sales Team, consisting of Leary, Associate Directors Jidan Kim and Sean Sears, and former CPEX real estate agent Sean R. Kelly, Esq., represented the seller and the purchaser in this transaction.
“The site has great logistics for transportation,” said Kim. “It’s a four-minute walk to the 36th Street Station and you’re one stop from Atlantic Avenue-Barclay’s and just three stops to Union Square.”
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