Overview

Description

Ariel Property Advisors presents for sale or joint venture, 140 Lexington Avenue, a prime development site located on the northwest corner of Lexington Avenue and East 29th Street in the Kips Bay neighborhood of Manhattan. Currently a vacant lot, the flexible C6-2A zoning (R8A equivalent) provides the opportunity to develop a unique property that is ideally situated close to Grand Central Station, the Empire State Building and the United Nations.

INVESTMENT HIGHLIGHTS
• Flexible Zoning: The C6-2A zoning (R8A equivalent) with a 6.00 commercial FAR and 6.02 residential FAR, allows for a total of 14,863 buildable square feet, as-of-right, for a mixed-use commercial, residential or hotel project.

• Approved Plans: Ownership has approved plans for a 13,526 square foot (ZFA), 6-story, 40-key mixed-use hotel building allowing developers to accelerate the process while realizing savings on development costs.

• Central Location / Mass-Transportation options: 140 Lexington Avenue benefits from a host of convenient transportation options, including the 6 train at the 28th Street Station, the N/R/W trains at the 23rd Street station, and the Metro-North railroad at Grand Central Terminal. The property is also within short walking distance to Madison Square Park, Gramercy Park, Union Square, and a wide variety of retail and dining options. Major institutions in the area include Baruch College and the NYU Langone Medical Center.

• Featuring easy accessibility and a prime corner location with ample frontage, 140 Lexington Avenue presents investors with a premier Manhattan development opportunity.

Documents

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