ATLANTA (April 19, 2018) – Smith, Gambrell & Russell, LLP (SGR) is pleased to announce the firm served as legal counsel to Montrose Associates in its sale of 1514 First Avenue in Manhattan to Extell Development. The purchase of the 9,000-square-foot building is one of the final acquisitions as Extell secures a 10-parcel assemblage totaling more than 200,000 buildable square feet, spanning First Avenue between 79th and 80th streets, for its next development project.
Located on the corner at 401 East 79th Street, 1514 First Avenue was purchased by Montrose Associates in 1986. The mixed use, four-story building was built in 1925, with renovations completed in 2009 and currently includes residential units and ground floor commercial space.
Extell’s acquisitions of the city block in the neighborhood known as Yorkshire, which includes 1514 First Avenue, began more than a decade ago, with the few remaining parcels scheduled to close. The First Avenue planned development may consist of a residential tower and a school once finalized. Demolition could begin in the next six months.
About Smith, Gambrell & Russell, LLP
SGR is a full service, international law firm that advises regional, national and global businesses on a wide range of legal matters. The firm’s more than 220 attorneys provide legal counsel in more than 45 specialized practice areas, including corporate transactions, litigation, intellectual property, aviation, banking, real estate, construction and employment law. Founded in 1893, SGR has offices in Atlanta, Austin, Jacksonville, London, Los Angeles, Munich, New York, Southampton, and Washington, D.C.