Legion Investment Group Acquires Upper East Side Dev Site for $50.5M
Kamran Hakim sells 109 & 111 East 79th Street as part of a larger assemblage to Victor Sigoura's Legion Investment Group.
Legion Investment Group, led by Victor Sigoura, has acquired a development site on the Upper East Side for 50.5 million. The property, located at 109 & 111 East 79th Street, is part of a larger assemblage of five properties that were sold for a total of 112.8 million. The other properties included in the assemblage are 113, 115, and 117 East 79th Street.
The site has a buildable square footage (BSF) of 50,000, which translates to a price per buildable square foot (PPBSF) of $1,011. The property is zoned for residential use, and there is potential for a luxury condominium development.
The seller, Kamran Hakim, is a prominent New York City landlord and real estate investor. He acquired the property in 2015 for $35 million and has since obtained approvals to demolish the existing buildings on the site.
The buyer, Legion Investment Group, is a real estate investment firm that focuses on value-add and opportunistic investments in the New York City market. The firm has been active in the market, recently acquiring a portfolio of rental buildings in Brooklyn for $28.5 million.
The brokers on the deal were Ceasar Salama and Joseph Ash of Kassin Sabbagh Realty. The firm specializes in commercial and residential real estate in New York City, and has been involved in several high-profile deals in recent years.
Overall, the sale of this development site represents a significant transaction in the Upper East Side market, and highlights the continued demand for development opportunities in New York City.