Raber, Shkury, Sozio, Greshin and Tortorici of Ariel Property Advisors close $9.1 million
Manhattan, NY Ariel Property Advisors facilitated the sale of 140 Lexington Ave., a vacant development site with 124 ft. of wraparound frontage located on the northwest corner of Lexington Ave. and East 29th St. The site closed for $9.1 million, which translates to $612 per buildable s/f.
Currently a vacant 2,469 s/f lot, the site’s C6-2A zoning permits 14,863 buildable s/f, as of right, for residential or commercial use. With FAR in the R8A district equivalent to 6.02, 140 Lexington Ave. presents investors and developers with a premier development opportunity.
Exclusive agents Howard Raber, Shimon Shkury, Victor Sozio, Jesse Greshin, and Michael Tortorici represented the seller, a private investor.
“The sale of 140 Lexington Avenue at a price above $600 per buildable s/f shows that developers remain confident in Manhattan development opportunities,” said Raber, vice president at Ariel.
The site is located near the 6 Subway line and the FDR Dr. Nearby neighborhood attractions include Madison Square Park, Fairway Market, and several academic institutions.
Aerial, development site at 140 Lexington Avenue - Manhattan, NYAriel 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.