Luxury Condo Developer Buys Three UES Properties for $32M

By Hadassa Kalatizadeh

EJS Development has purchased three adjacent Upper East Side properties for a total price of roughly $32.4 million, as per property records. As reported by Crain’s NY, the properties at 1303-1309 Third Ave. and 202 E. 75th St., were purchased from Gastonia Properties. The purchase price for 1307-1309 Third Ave. was roughly $13.6 million; 1303-1305 Third Ave. went for approximately $12.9 million; and 202 E. 75th St. sold for around $5.8 million.

The site at 1307-1309 Third Ave. is currently a 5-story multifamily building with 20 residential units. 1303-1305 Third Ave. is now a 5-story mixed-use building with 14 residential units. The property at 75th Street is a 4-story, nine-unit residential building.

EJS does not yet have absolute plans for the Upper East Side properties, said Ted Segal, the company president. He noted, however, that EJS will be a long-term owner, and does not intend to sell its real estate acquisitions anytime in the near future. “The properties’ corner location in the heart of the Upper East Side—an area that we have strong conviction in—is what interested EJS,” Segal said.

Gastonia Properties, run by James Gaston, had also been a long-term buyer. It had purchased 1307-1309 Third Ave. back in 1973; 1303-1305 Third Ave. in 1974; and 202 E. 75th St. in 1972, as per property records. Representatives for Gastonia Properties could not be reached by Crain’s for comment.

As per Crain’s, EJS Development already owns a nearby property in the UES, at 150 E. 78th St. That development will be turned into a condominium with 25 private luxury residences, with Robert A.M. Stern Architects being tapped for design of the building. Prices for half-floor, full-floor, and duplex homes at the building are being listed on Street Easy from $5.5 million to $20 million. The building boasts an impressive rooftop terrace with Manhattan views, 24-hour concierge, and an expansive athletic club including a gym, indoor squash/ basketball court, private training studio, golf simulator and children’s activity room. The development is scheduled for completion this year.

In January 2021, there were 395 investment sales in New York, valued at roughly $2.9 billion. The number of deals is up 26 percent, in comparison to January 2020, and the value is up 11 percent, as per a report from the Real Estate Board of New York. Impressive investment deals which led the way in 2021, include the purchase of 712 Madison Ave by jewelry retailer Graff International, from SL Green for $43 million.