Rotem Rosen, Anand Mahindra, and Zahi Hagag have entered into contract to acquire a development site at 126 East 57th Street from Kagan Gursel’s Kiska Development for $103.7 million, TRD reported. The site allows for the development of around 175,000 square feet.
Dig Deeper: The assemblage consists of 13 parcels concentrated at the southeast corner of East 56th Street and Lexington Avenues with one stretching onto 57th Street. Addresses include 678-684 Lexington Avenue, 131-135 East 56th Street, 129 East 56th Street, 686 Lexington Avenue, and 126 East 57th Street.
Different market: Welltower + Hines paid $115 million for a development site at 139 East 56th Street (corner of Lexington Avenue) in 2016. Construction has already begun on the luxury assisted-living center that will span around 115,293 square feet.
Flashback: The seller paid a total of $63.53 million for the assemblage he began stitching together in 2010.