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Posted: October 2, 2016
Raber, Shkury, Sozio, Greshin and Tortorici of Ariel Property Advisors close $9.1 million
Howard Raber, Ariel Property Advisors
Shimon Shkury, Ariel Property Advisors
Victor Sozio, Ariel Property Advisors
Jesse Greshin, Ariel Property Advisors
Michael Tortorici, Ariel Property Advisors
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.
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