Minrav Development has acquired a development site at 305-311 First Avenue and 343 East 17th Street in Manhattan’s Gramercy Park from CIM Group for $40.5 million. The Gramercy Park site allows for the development of 80,000 square feet.
- Plans: Minrav is planning to construct two residential condo buildings on the sites that were delivered vacant.
- Worth Noting: The two sites are separated by 301 First Avenue, which CIM sold to GFP Real Estate and Meadow Partners last year. The corner parcel at 305-311 First Avenue is 92 feet wide and 80 feet deep, while 343 East 17th is 45 feet wide and 92 feet deep.