CB DEVELOPERS TO PAY $25M FOR SITE NEXT
TO MURRAY HILL PROJECT
Charles Blaichman’s CB Developers is in contract
to acquire three adjacent five-story buildings for
$25.2 million, or $420 per square foot, The Real
Deal has learned. The rental buildings at 587-591
Third Avenue, near 39th Street, offer a combined
60,000 buildable square feet. They sit next door to
an 18-story, 91-unit rental project under
construction on the corner. CB Developers, in
partnership with Hoboken, N.J.-based Iron state
Development and Soho-based SK Development
Group, are overseeing the development of the site,
which is located at 593-597 Third Avenue, also known as 200 East 39th Street.
The retail includes Wharf Bar and Grill and formerly Margarita Murphy’s, which closed in April. A
Chinese non-profit family trust known as the J. T. Tai & Company Foundation has owned the site
for more than 30 years, property records show. The foundation is also in contract to sell a Sutton
Place development site at 1055-1057 Second Avenue for $19 million, as The Real Deal reported
in July. Skyline Properties head, Robert Khodadadian, who represented both the buyer and the seller,
declined to comment. Broker Joanna Cutler served as an adviser on both sides. The deal entered contract
in May.
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