Urban Standard Development Acquires Development Site in Tribeca for $3.3M
Urban Standard Development purchases a development site in Tribeca for $3.3M from Joe White & Kit White.
Urban Standard Development, a real estate development firm based in New York City, has acquired a development site located at 35 Lispenard St. in Tribeca for 3.3M from Joe White & Kit White. The property spans 6,690 BSF with a price per buildable square foot of 493.
The site is located in the heart of Tribeca, a highly sought-after neighborhood known for its luxury residential buildings, high-end retail, and trendy restaurants. The property is situated on a quiet street and is surrounded by historic buildings and cobblestone streets.
The buyer, Urban Standard Development, is a well-established real estate development firm with a track record of successful projects throughout New York City. The firm specializes in the development of luxury residential buildings and has completed numerous projects in some of the city’s most desirable neighborhoods.
The seller, Joe White & Kit White, are local real estate investors who have owned the property for several years. The sale of the property represents a successful exit for the sellers, who were able to realize a significant return on their investment.
The buyer was represented by Maurice Suede & Dan Soyak of Cushman & Wakefield, a leading global real estate services firm. The brokers were able to negotiate a favorable deal for their client, securing the property at a price that was below market value.
Overall, the acquisition of this development site represents a strategic move for Urban Standard Development, as the firm continues to expand its portfolio of luxury residential properties in some of New York City’s most desirable neighborhoods.