661 Lexington Avenue
Location<br>Lexington Avenue-NYC-10022<br><br>Sale<br>Avison Young has been exclusively engaged by ownership to offer for sale 661 Lexington Avenue (the “Property”), an eight-story mixed-use office building featuring 140± feet of wraparound frontage on the northeast corner of Lexington Avenue and East 55th Street.
The Property comprises 33,795± rentable square feet of office space across seven stories on top of a lobby and 4,800± rentable square feet of retail space on the ground floor. Additionally, the Property features 6,500± rentable square feet of lower-level retail space that is permitted for an eating and drinking establishment currently occupied by the seafood restaurant. The retail portion of the Property is fully occupied. Tenants include the Crab House Restaurant spread across two levels on East 55th Street and Ashley Fine Jewelry & Antiques and Le Café Coffee on Lexington Avenue. 661 Lexington Avenue offers a myriad of conversion and redevelopment opportunities, and all but one of the Property’s tenants have demolition clauses or are month-to-month. As it stands, the Property features 22,576± square feet of additional air rights, allowing an investor to build additional floors on top of the existing structure or pursue a ground-up development project. A developer could take advantage of the 12 FAR by building a 57,984± square foot mixed-use property with retail and office on the ground and second floor and 48,320± square feet of residential above. Furthermore, the Property is ripe for a residential conversion as it benefits from tremendous light and air due to 12± foot ceilings throughout, its desirable avenue corner location, and existing layout. 661 Lexington Avenue offers investors a chance to acquire a beautiful beaux-arts office building on Lexington Avenue or developers the opportunity to take advantage of the available air rights, favorable floor plans, and light and air to transform this corner into their own.