EJS Group, Krown Point Capital Buy Two Midtown East Dev Sites for $39M

Excerpt from the Commercial Observer website: A joint venture between developers EJS Group and Krown Point Capital has acquired two development sites in Midtown East for a total of $39 million, Commercial Observer has learned.

EJS and Krown Point purchased the two adjacent lots at 1059-1061 Second Avenue — along with associated air rights packages from 1055-1057 Second Avenue and 231 East 55th Street — from Junction Management, according to broker JLL.

To complete the deal, the JV acquired the four four-story buildings on the corner of East 56th Street and Second Avenue and immediately sold the underlying buildings at 1055-1057 Second Avenue once the air rights were separated and transferred to the corner site, JLL said.

In addition, EJS and Krown Point secured $38 million in land and pre-development financing from Maxim Capital Group for a planned luxury residential development on the site, according to JLL.

Read the full article here: https://commercialobserver.com/2025/11/ejs-group-krown-point-capital-buy-1059-1061-second-avenue/