The Cohen Family Acquires Development Site in New York City for $1.55 Million

In a recent transaction, the Cohen Family has acquired a development site in New York City for a purchase price of $1.55 million. The property, located at 56 Quincy Street, spans 5,450 square feet and is zoned for development. The deal was facilitated by brokers Jason Grunberg and Jake Torre of SAB Capital.

The seller, Joan Gibbs, had owned the property for several years and decided to sell it to capitalize on the strong demand for development sites in the area. The sale price of 1.55 million equates to approximately 284.40 per buildable square foot, which is in line with recent transactions in the neighborhood.

The Cohen Family, a prominent real estate investment group, saw the potential in the development site and seized the opportunity to add it to their portfolio. With the current demand for residential and commercial properties in New York City, the Cohen Family believes that developing the site will yield significant returns.

The property is situated in a prime location in New York City, making it an attractive investment. The neighborhood has experienced significant growth and development in recent years, with new residential and commercial projects popping up all around. The site offers easy access to public transportation, amenities, and major highways, further enhancing its appeal.

Brokers Jason Grunberg and Jake Torre of SAB Capital played a crucial role in facilitating the deal. Their expertise in the New York City real estate market and their extensive network of buyers and sellers allowed them to connect the Cohen Family with Joan Gibbs. Grunberg and Torre negotiated the terms of the sale, ensuring a smooth transaction for all parties involved.

Overall, the acquisition of the development site by the Cohen Family represents a strategic move to capitalize on the thriving real estate market in New York City. With the property’s prime location and the expertise of the Cohen Family, the development of the site is expected to be a success. The deal showcases the strong demand for development sites in the city and the ability of experienced brokers to connect buyers and sellers in this competitive market.