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CRAIN'S --Landlords dig Second Ave. subway
February 24, 2014
New towers, business and land prices all rise as dust settles.
Barely two years ago, Heritage-Realty snapped up a four-story, 50-foot-wide building at 1804-06 Second Ave., just north of East 93rd Street on the Upper East Side, for $5.8 million. Today, brokers predict that the property, which has caught the eye of eager developers, could fetch nearly three times that price.
"Top retailers want to move in immediately," said David Strauss, senior portfolio manager at Heritage, who also noted that the site's new owner will be able to build nearly 40,000 square feet of retail and residential units—most likely luxury condominiums.