EJS acquires Upper East Side development site for $32M

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JLL Capital Markets announced that it has completed the $32.325 million of 1303-1309 Third Ave., a corner development site on New York City’s Upper East Side.

JLL worked on behalf of the seller Gastonia, LLC to complete the sale to the buyer EJS Group.

150 East 78th Street

Founded by Ted Segal, EJS is a New York City-based real estate development and financing company that invests directly in real estate development opportunities across primary markets in the United States. Most recently, the company partners with Midwood Investment & Development on 150 East 78th Street, a new condominium designed by Robert A.M. Stern Architects which launched sales in January with an anticipated summer 2021 occupancy.

The Third Avenue assemblage, located at the southeast corner of Third Ave. and E. 75th St., provides more than 150 feet of wraparound frontage in the heart of one of Manhattan’s most desirable and established neighborhoods.

The property is within walking distance to Central Park, museums, hospitals, schools, fine dining and shopping. It is located in close proximity to the Q, 4, 5 and 6 subway lines, providing direct access to Midtown and the rest of Manhattan.

The
JLL Capital Markets team representing the seller was led by Managing Directors
Guthrie Garvin, and Jonathan Hageman; Directors Jack Norton and Solomon
Michailow; and New York Investment Sales Chairman Bob Knakal.

“1303-1309
Third Ave. is a unique development opportunity with extraordinary potential,”
said Garvin. “Its location within one of Manhattan’s most sought-after
neighborhoods offers developers the chance to create a stand-out residential property.”

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