Posted Mar 13, 2018, 9:19 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 36,158
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https://therealdeal.com/2018/03/13/k...=posts_popular
Kiska Development looking to sell large Midtown assemblage
Site at East 56th and Lex has 175K sf of development rights
By Rich Bockmann
March 13, 2018
Quote:
Kiska, headed by Turkish developer Kagan Gursel, is actively marketing the development site at the northwest corner of Lexington Avenue and East 56th Street, sources told The Real Deal.
The assemblage holds about 175,000 square feet of development rights, and the area’s zoning allows for residential, office, hotel and medical uses with no height restrictions, sources familiar with the property said.
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Quote:
The developer paid a total of $63.53 million over the past eight years to pull the assemblage together.
It started in 2010 when Clarion Partners sold Kiska seven properties at 678-684 Lexington Avenue and 131-135 East 56th Street for $33.86 million, property records show. The next year Kiska picked up a property adjacent to the site at 129 East 56th Street for $3.6 million.
Kiska picked up $4.8 million worth of air rights on the block from Himmel +Meringoff Properties, which also sold 686 Lexington Avenue to the developer in 2014 for $21.25 million.
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