Meringoff and Reise to sell Lexington Avenue and 56th Street development site

Manhattan, NY Meringoff Properties and the Riese Organization are jointly marketing a development site in the borough’s Plaza District through Eastern Consolidated. The site consists of two adjacent parcels situated on the northeast corner of Lexington Ave. and East 56th St. The combined 9,274 s/f development site can accommodate a new single-purpose or mixed-use development of 115,000 s/f. Eastern Consolidated CEO/Chairman Peter Hauspurg and Vice-Chairman/Principal Brian Ezratty, along with Principals Adelaide Polsinelli and Ronald A. Solarz, are actively marketing the strategically located corner site, which is superbly positioned for a wide range of residential, hospitality, retail, and/or office uses. According to Mr. Ezratty, “Both the Meringoff and Riese organizations are long-term owners but neither engage in ground-up development.  The availability of a site with such a stellar location and development potential rarely comes to market in Manhattan.  We are very excited to have been retained as exclusive agents for this assignment and are already fielding multiple inquiries from interested parties.” The site is located within blocks of some of the City’s most iconic new luxury condominiums designed by world class architects including RFR’s 100 East 53rd Street, designed by Norman Foster; Harry Macklowe/CIM’s 432 Park Avenue, one of the tallest residential building in the world; and Zeckendorf’s Robert Stern-designed 520 Park Avenue, featuring units priced from $16 to $70 million. Currently the combined site includes a two-story corner retail building and a separate five-story office building with multi-level retail, which can both be vacated.  The site is situated only three blocks from two major transit stations -- the 59th Street Lexington Avenue line with the 4, 5, 6, N, Q and R trains, and the 51st Street Lexington Avenue station with the 6, E, and M trains.