Ariel Property Advisors has been retained on exclusive basis to sell 140 Lexington Avenue, a prime development site located in the Manhattan neighborhood of Kips Bay. The asking price on the flexibly zoned property, which is near some of New York City’s most iconic buildings, is $10 million.

Currently a vacant lot on the northwest corner of Lexington Avenue and East 29th Street, C6-2A zoning (R8A equivalent) with a 6.00 commercial FAR and 6.02 residential FAR, allows for 14,863 buildable square feet, as-of-right, for a mixed-use commercial, residential or hotel project. The site’s adjustable zoning allows an investor to develop a unique property that is ideally situated just a few blocks away from Grand Central Station, the Empire State Building and the United Nations.

Ownership has plans for a 13,526 square foot (ZFA), 7-story, 40-key mixed-use hotel building, allowing developers to accelerate the process while realizing savings on development costs.

Exclusive Ariel Property Advisors agents Howard Raber, Esq., Shimon Shkury, Victor Sozio, Matthew L. Gillis, and Jack Moran are representing the seller, a private investor group.

“Featuring easy accessibility and a coveted corner location with ample frontage, 140 Lexington Avenue presents investors with a rare Manhattan development opportunity,” said Raber, a Director at the company.

The site is within walking distance of a slew of popular destinations, such as Madison Square Park, Gramercy Park, Union Square, and a wide variety of retail and dining options. Major institutions nearby include Baruch College and the NYU Langone Medical Center.

The property also offers 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.

More information is available from the exclusive agents at 212-544-9500: Howard Raber, Esq., ext. 23, hraber@arielpa.com; Shimon Shkury, ext. 11, sshkury@arielpa.com; Victor Sozio, ext. 12, vsozio@arielpa.com; Matthew L. Gillis, ext. 42, mgillis@arielpa.com; and Jack Moran, ext. 60, jmoran@arielpa.com

Ariel 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.