10/12/08

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Kennelly buys Second Avenue buildings for $22M

Kennelly Development closed on a $22.25 million purchase of three buildings at 972-976 Second Avenue between 51st and 52nd streets, paying approximately $400 per buildable square foot with air rights taken into account. The developer, which is reportedly planning to build a 40-story residential tower with 117 units at 303-307 East 51st Street, now owns four buildings on East 51st Street and six buildings on Second Avenue between 51st and 52nd streets, according to public records. With this latest purchase, the low-rise buildings Kennelly has assembled have a total of more than 100,000 square feet of air rights. TRD