NEW YORK | 677-685 Lexington Avenue | FT | FLOORS

[chris08876]

Potential future development.
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Landlords Team Up For a Property Sale

Two long-term holders of New York City real estate are joining forces to sell adjacent Midtown Manhattan properties as a single development site.

Office landlord Meringoff Properties and the Riese Organization, a hybrid real-estate and restaurant company, are looking to sell two parcels on the northeast corner of Lexington Avenue and East 56th Street. The expiration of tenants’ leases in both buildings and strong appetite for development make the time right to sell, said Adelaide Polsinelli, a principal with real-estate services firm Eastern Consolidated and a member of the team marketing the property.

“There are some times in the market when a building is worth more as a development site than as an income-producing property,” said Stephen Meringoff, a principal of Meringoff Properties. “This time in the market is one of them.”

The site, at 677 and 681-685 Lexington Ave., allows for about 115,000 square feet of development. The joint-venture sellers are targeting developers who are looking at the site for residential or hotel construction.

“We can sell it on a per-square-foot basis much higher than as a stand-alone retail building,” said Dennis Riese, chief executive of the Riese Organization.

In addition to Ms. Polsinelli, Eastern Consolidated’s Peter Hauspurg, Brian Ezratty, Ronald Solarz and Gary Meese are part of the team marketing the site.

— Keiko Morris

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http://iprnewswire.com/whats-the-deal-11/

[chris08876]

There's also another site at 678 Lexington that could be developed.

Wondering if this is the lot that they are talking about when they decided to merge the two sites.

http://forum.skyscraperpage.com/showthread.php?t=215449

One is 677 Lex, this one in the link being 678, unless its just an address error or two different sites given the real close proximity of the two.

[antinimby]

^ Even and odd numbers mean they are on opposite sides of the street, so not adjacent.