NEW YORK, NY – September 19, 2016 – Ariel Property Advisors facilitated the sale of 140 Lexington Avenue, a vacant development site with approximately 124 feet of wraparound frontage located on the northwest corner of Lexington Avenue and East 29th Street. The site closed for $9.1 million, which translates to $612 per buildable square foot.

Currently a vacant 2,469 square foot lot, the site’s C6-2A zoning permits approximately 14,863 buildable square feet, as of right, for residential or commercial use. With FAR in the R8A district equivalent to 6.02, 140 Lexington Avenue presents investors and developers with a premier Manhattan development opportunity.

Exclusive agents Howard Raber, Shimon Shkury, Victor Sozio, Jesse Greshin, and Michael A. Tortorici represented the seller, a private investor.

“The sale of 140 Lexington Avenue at a price above $600 per buildable square foot shows that developers remain confident in Manhattan development opportunities,” said Howard Raber, Vice President at Ariel Property Advisors.

The site is located near the 6 Subway line and the FDR Drive. Nearby neighborhood attractions include Madison Square Park, Fairway Market, and several academic institutions.