Midtown Manhattan Mixed-Use Trades for $10M
- Dec 17, 2015
New York–157 East 55th St. in Midtown East, a mixed-use property in Manhattan, has traded for $10 million. Eastern Consolidated represented the Goldie Moss Irrevocable Trust as the seller, and procured the buyer, 157E55 Owner LLC.
The 5,700-square-foot building between Third and Lexington avenues offers two vacant full-floor apartments on the top two floors and a restaurant, Darbar Grill, on the two lower levels. The property includes additional air rights that could be as much as 20,000 square feet for residential uses and 30,000 square feet for commercial or community facility space.
The site is situated within a C6-6 designated zoning district as well as within the Special Midtown District, according to Eastern Consolidated. These designations allow for an assortment of development options at varying floor area ratios.
“In the short-term, 157 East 55th Street provides stable and increasing cash flow as an income-producing property,” Eastern Consolidated vice chairman Ezratty said. “In the long-term, the full potential of the site could be realized as part of an assemblage for a prime Midtown development.”
Ezratty worked on the deal with colleague Scott Ellard, vice president of Eastern Consolidated. Iven Taub is the trustee of the Goldie Moss Irrevocable Trust.