Izahki Group Development Project by David Grumet

Izaki Group Investments is planning on developing a 20 story condo building on the Upper East Side. The building will sit on 310-314 East 86th Street. They bought the site- where three small three story walk up buildings sit- from Extell Development for $42 million. As we heard in this Monday’s presentation at SREG by Daniel Parker of Hodges Ward Elliot, seemingly IGI is making a play betting on the Q train to hike up property value on the UES. His argument is based on the proposition that commuters on the Upper East Side, who previously had limited public transportation access to the west side, can now access it very easily. This property, sitting between 1st and 2nd avenues, is down the block from the Q train and the increased value of the units due to its proximity to the Q should be priced in once IGI develops the property.