NEW YORK | 678 Lexington Avenue | FT | FLOORS

[chris08876]

According to LondonumLex, this site was acquired last year. He tends to be right about many of the developments that sprout up over time. He took a pic of the area yesterday.


Credit: LondoniumLex

Something nice could rise here.

[NYguy]

They've been talking about this over at wirednewyork for a while.


http://wirednewyork.com/forum/showthread.php?t=22817


Not expecting too much on this site, but likely a hotel.











Lecom posted this shot:


• Video Link



Neighboring site was sold...


http://therealdeal.com/blog/2014/05/...kish-hotelier/

Himmel + Meringoff sells 686 Lex to Turkish hotelier for $21M
Marmara Hotels to construct extended-stay hotel on site, seller says


May 13, 2014
By Mark Maurer

Turkish-based hotel chain Marmara Hotels & Residences acquired the 15,000-square-foot property at 686 Lexington Avenue, near 57th Street, for a total of $21.25 million,
Stephen Meringoff of Himmel + Meringoff told The Real Deal. The sale includes $13.7 million for the fee interest and $7.5 million for the leasehold interest. Alan Cohen
of ABS Partners Real Estate represented the buyer in the deal; no broker represented the seller.

Marmara bought the building’s air rights for $4 million in 2010 and wants to build an extended-stay hotel on the site, Meringoff said.

“We own 681 Lexington and thought it would benefit from a hotel on the corner,” Meringoff told TRD.

[Lecom]

A year later and nothing really changed (except, perhaps, my camera quality)

• Video Link

[chris08876]

Its a good location for a supertall.

[Crawford]

I wonder if they're trying to expand the assemblage. There are some junky buildings next door that could probably be added to the site, or at the least, they could add the air rights.

In any case, fantastic location for a tall and thin building. Just down the block from 432 Park.

[chris08876]

^^^^

I was thinking the same. Those older, decaying structures should be snapped up. Lots of potential. For now, its speculation, but what I'm hoping is for a mixed used. Something tall, with a hotel, offices, and residential.

But if its just a hotel, one with many units would be nice. Its in a great location with many transit options available, and would be ideal for business visitors or just regular tourists.

[chris08876]

The joint venture plans a 15-story building at the northeast corner of East 56th Street and Lexington Avenue. The developers, who didn’t disclose total costs for the project, paid $115 million for the parcels that make up the site.

The building will have private apartments, landscaped terraces and an overall design inspired by classic Park Avenue apartment houses. It will be targeted at those with private means to pay.

“This is a place where these people can be reminded of things in their past, potentially by the design of the building and by the location of the building and have a significantly better quality of life,” said Thomas DeRosa, chief executive of Welltower, which has 72 senior housing properties in the tri-state area.

[Submariner]

Looks pretty nice.

[chris08876]

Yeah I agree. I thought something bigger would rise.

[antinimby]

It's a different site.

[Crawford]

These are two completely different sites. 678 is on the west side of Lex; 681 is on the east side of Lex.

The site at 678 Lex is now a full-block assemblage, I think. They filed demolition permits for a building on 57th Street last week, and already own most of the block south to 56th. Could be another billionaires row tower. Rumor was hotel and/or condo. Probably have huge development rights, given their big assemblage.

The site at 681 Lex is across the street, more or less, but fronting on 56th, not 56th and 57th. This will be a midrise luxury tower for senior citizens.

[NYguy]

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

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.

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.

[Crawford]

Perhaps another Billionaire's Row supertall? We'll see.

[antinimby]

^ Assuming the city doesn’t enact the NIMBY proposal to put an end to high ceilings and void spaces.

From de Blasio’s comments , it sounds like it may have a chance to go through.

[chris08876]

Rotem Rosen-led partnership buying development site off Billionaires’ Row

A partnership led by Rotem Rosen and Israel’s largest developer, Zahi Hagag, is making a play near Billionaires’ Row.

Rosen and Indian billionaire Anand Mahindra’s MRR Development is teaming up with Hagag to buy a development site for $103.7 million, sources told The Real Deal. The buyers signed a contract for the site Thursday, and plan to purchase it with all cash.

The assemblage consists of 13 parcels concentrated at the southeast corner of East 56th Street and Lexington Avenues. One parcel stretches out to Billionaires’ Row at 126 East 57th Street. All told, the site holds about 175,000 square feet of development rights.

The seller is Turkish development firm Kiska Development, which spent about $64 million assembling the site beginning in 2011.

Turkey’s economy went into recession last year, and the country’s lira has fallen drastically against the dollar, which may have been a motivating factor for Kiska to sell.

The purchase price works out to roughly $590 per square foot, a sharp discount to where other development sites in the area traded at the peak of the market. Across the street, Hines and real estate investment trust Welltower paid rough $1,030 per square foot in 2016 when they bought a development site at 139 East 56th Street for $115 million.

The new owners are planning to build a residential tower a block away from Harry Macklowe and CIM Group’s 432 Park Avenue, with a basis of about $1,600 per square foot, according a source familiar with the partnership’s plans.

A JLL team of Mo Beler, Glenn Tolchin, Anthony Ledesma and Yoav Oelsner brokered the deal for the seller, with JLL’s Aaron Appel advising on financing.

=================
TRD

[colemonkee]

Rendering looks to be in the neighborhood of 35-40 stories.

[JMKeynes]

The pos on the corner of 55th and Lex must come down.