News:
Brokerage
Posted: July 12, 2022
Ariel arrange sale of 12,863 s/f corner development for $7.075 million
New York, NY Ariel Property Advisors has arranged the sale of a 14,863 buildable s/f prime corner development site at 140 Lexington Ave. in the Kips Bay neighborhood for $7.075 million, or $476 per buildable s/f.
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 per buildable s/f 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.
Tags:
Brokerage
MORE FROM Brokerage
Marcus & Millichap brokers $2.8 million sale of free-market mixed-use property in Brooklyn
Brooklyn, NY Marcus & Millichap brokered the sale of 733 Dekalb Ave., a fully free-market multifamily and retail property in the Bed-Stuy neighborhood. The asset sold for $2.8 million.
 (2).gif)
Columns and Thought Leadership
A guide to finding the right NYC property management company - by Sanjay Gandhi
Being a small to midsize landlord in NYC is an increasingly demanding endeavor. From navigating complex regulations, increased compliance demands to dealing with tenant issues and remediating violations. It is wise to enlist the assistance of a partner, a professional
Positive forecast for New York’s pro-housing push? - by Philip Butler
New York’s housing crisis remains a hot button topic despite growing consensus that varied and affordable housing is desperately needed statewide. Governor Hochul has recently introduced several initiatives to overcome N.Y.’s anti-housing
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz
Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
Hunt commercial real estate question and answer: Fortune 500 wisdom - by David Hunt
Yes, there are lessons to be learned from the largest companies in America when comes to managing your real estate. But the decision to buy or lease real estate may not be one of
.gif)
September Promotion
