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 .