Invictus Property Advisors successfully closed the sale of a 75 Essex Street, fully vacant redevelopment site in the heart of the Lower East Side.
The property sold for $17.75 million, equating to approximately $1,365 per square foot on the existing structure and $558 per buildable square foot on the as-of-right development potential.
The asset was operating under significant distress, as the project had stalled and the lender had initiated the foreclosure process. With default interest accruing rapidly, the ownership required a buyer who could transact with speed and certainty. Through a targeted and discreet marketing process, we were able to identify the group willing to pay the highest price and execute on an expedited timeline, allowing the seller to satisfy the debt prior to foreclosure.
