Howard Raber, Esq.
Director - Investment Sales
Ariel Property Advisors
Michael A. Tortorici
Founding Partner
Ariel Property Advisors
Matthew L. Gillis
Director - Investment Sales
Ariel Property Advisors
NEW YORK, NY – June 27, 2022 – Ariel Property Advisors has arranged the sale of a 14,863 BSF prime corner development site at 140 Lexington Avenue in the Kips Bay neighborhood of Midtown Manhattan for $7.075 million, or $476/BSF.
140 Lexington Avenue
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/BSF 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.
For more information, please contact: Sarah Berman at 212.450.7300 or sberman@bermangrp.com.
