Ariel Property Advisors has arranged the sale of a 14,863 BSF prime corner development site at 140 Lexington Avenue in the Kips Bay neighborhood of Midtown Manhattan for $7.075 million, or $476/BSF.
An Ariel team including Howard Raber, Director, Investment Sales; Michael Tortorici, Founding Partner; and Matthew Gillis, Director, Investment Sales, represented the seller, NMR Realty LLC. The buyer is a private developer.
The property is a vacant lot that offers flexible C6-2A zoning (R8A equivalent), allowing for the construction of either a mixed-use residential or hotel property in the competitive Midtown market.
Raber said, “The sale price of $476/BSF is an indication of the market’s belief in the Manhattan condo market and the demand for free-market sites without encumbrances or obstacles that would impede an accelerated development timetable.”
The site is ideally located near Grand Central, the Empire State Building, United Nations, Baruch College and NYU Langone Medical Center.
About Ariel Property Advisors
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry. arielpa.nyc
