A Gotham classic destroyed for nothing but $$.
Hot market for building sites draws crowd
Inspired by the growing number of properties fetching upward of $1,000 per square foot in recent months, a growing number of landowners are putting their own holdings on the block. Four big development sites have hit the market, where they will likely bring record sums together totaling more than $1.1 billion.
Leading the charge is real estate investor Joe Sitt, who is seeking a buyer for 520 Fifth Ave., a big development site on the corner of West 43rd Street that he had planned to use as the launchpad for a property combining retail, hotel and residential space. Mr. Sitt’s firm, Thor Equities, spent the past year demolishing the existing building on the site, readying the parcel for development. About 350,000 square feet can be raised at the corner location, which is expected to sell for $350 million or more.