Big 4th Avenue Development Site Sells

The development site on the northeast corner of 6th Street and 4th Avenue, 363 4th Avenue, just sold for $10.7 million. It was on the market for $14 million. A listing for the site said there were approved plans for a 106-unit building with 43 parking spots, which is depicted in the (possibly out-of-date) rendering at left. It appears the buyer is the firm the Elad Group, although a call for confirmation wasn’t returned. Naftali Group. The broker in charge of the sale told us this: “The purchaser is already in the ground and the project should be complete in about 18 months give or take. I’m already in talks with multiple retails tenants that have showed interest in the retail component of the project. I believe the completed project will be a great enhancement to the neighborhood and surrounding area.” UPDATE: An Aptsandlofts.com rep tells us the developer is actually the Naftali Group, and Aptsandlofts.com will be representing the project once it hits the market.
Battle of the 4th Avenue Development Offerings [Brownstoner] GMAP