One block from the 96th Street Q train entrance on the Upper East Side, a 145,838-square-foot pre-war commercial block-front sitting on nearly 28,000 square feet of land is one of the largest single-asset footprints left in Yorkville. On August 31, 2026, 309 East 94th Street Development LLC paid $73.14 million ($501 per square foot) to acquire 309 East 94th Street from 309 East 94th Street Property Owner LLC, edging 4.5 percent above the $70 million price recorded in December 2021. When the deed closed on August 31, 2026, 309 East 94th Street Development LLC had officially taken down 309 East 94th Street from 309 East 94th Street Property Owner LLC for $73.14 million, with Eastdil Secured / Institutional Advisory brokering the trade.
Look past the sticker price and the trade tells a clear story about replacement cost in Manhattan. At $501 a square foot across 145,838 square feet, the closing price marks a 4.5 percent step-up over the $70 million basis recorded in December 2021. In today's five-borough construction market, buying modern or well-maintained brick at $501 a square foot still beats the time and cost of digging a foundation from scratch.
Clearing $73.14 Million Unencumbered for 27,695 Square Feet of Yorkville Dirt
Just as telling as the purchase price is what did not hit the city register alongside the deed: a senior mortgage. 309 East 94th Street Development LLC closed 309 East 94th Street with $73.14 million of unencumbered equity—or an unsecured corporate line—allowing the buyers to move with immediate execution certainty.
When financing contingencies can stall a New York closing for sixty days, showing up with $73.14 million in cash at $501 a square foot is the sharpest weapon a buyer can bring to the negotiating table—leaving the sponsorship free to recapitalize in the senior debt market once initial leasing and business-plan milestones are locked in.
From Our Desk
When we look at 309 East 94th Street on our placement desk at Light Tower Group, the lesson for New York sponsors comes down to the marriage of entry basis and capital structure. 309 East 94th Street Development LLC didn't try to fight the tape—they bought Yorkville / Upper East Side footage at $501 a square foot and structured the stack to match the asset's timeline. Transferring a 145,838-square-foot Yorkville block-front into a dedicated development entity at $501 a foot with zero recorded senior mortgage clears the deck for construction financing or a major institutional recapitalization steps from the Second Avenue Subway.