Developer Buys Up Half An Upper East Side Block, Report Says

UPPER EAST SIDE, NY — A Long Island-based developer has purchased a real estate portfolio that spans half of a block in the Yorkville section of the Upper East Side.

The Engel Burman Group recently dropped $46.5 million for six adjacent buildings on York Avenue between East 85th and 86th Streets, the Real Deal first reported. The real estate portfolio consists of low-rise buildings that are either mixed-use or residential.

The six buildings hit the market in 2016 and were previously owned by the estate of Jacques Chretien, the Real Deal reported.

In addition to buying the buildings, Engel Burman Group took out a $76.4 million construction loan for "unspecified improvements," the Real Deal reported. Details about any upcoming construction have not been revealed.

The six buildings are not too far away from Yorkville's next mega development on First Avenue between East 80th and 79th streets. Extell Development filed plans in May to demolish the entire block in order to build a planned 250,000 square-foot development. That development may actually grow larger, as Extell has bought air rights from a nearby church.

Read the full Real Deal article here.

Photo by Google Maps street view