**GFI Realty Arranges $38M Sale of Kips Bay Development Site**
GFI Realty Services has successfully arranged the sale of a prominent development site located at 563–571 Second Avenue and 247–251 East 31st Street in the Kips Bay neighborhood of Manhattan. The site was sold for $38 million, highlighting the continued robust demand for large-scale development opportunities in core Manhattan submarkets.
The buyer, Empire Development, acquired the property from the Marchi Family, who had owned the site since the 1970s. The deal was brokered by GFI Realty Services associate Leah Balkany and company president Michael Weiser, who represented the seller in the transaction.
The assembled site offers approximately 88,000 buildable square feet and boasts 250 feet of wrap-around frontage on Second Avenue and East 31st Street. This strategic corner location provides both visibility and versatility, making it ideal for residential or mixed-use development. The area is surrounded by national retailers and a wide array of amenities, further enhancing its appeal.
“This transaction underscores the continued strength of the Manhattan development market, particularly for well-located sites with scale, frontage, and access to transportation and amenities,” GFI noted in a statement.
