Newmark Grubb Knight Frank (NGKF) is pleased to announce that NGKF Capital Markets has been appointed as the exclusive broker for the sale of 165-169 Lexington Avenue, a 6,582-square-foot development site with over 42,000 buildable square feet between 30th and 31st Streets.
The three existing four-story buildings total approximately 17,000 square feet and will be delivered vacant or with short-term lease expirations. The properties are located in the highly sought after Midtown South submarket and offer an exciting development opportunity for retail, luxury condominiums, a boutique hotel, or a new office building.
Nestled between the bustling NoMad and Kips Bay neighborhoods, the location attracts a diverse demographic of workers, residents and shoppers. Nearby points-of-interest include a Ramada Hotel, the ever-popular Penelope restaurant and the new Dover Street Market, a seven-story shopping destination for luxury high-end fashion collections. The site offers 66 feet of frontage on the east side of Lexington Avenue providing an excellent opportunity for new retail and with nearly 40,000 buildable square feet for residential space, the possibilities are endless.
“This development site offers a tremendous opportunity in a vibrant neighborhood in the heart of Manhattan,” said Senior Managing Director David Noonan, NGKF Capital Markets. “The growth in high-end residential as well as upscale hospitality creates an exciting opportunity for buyers looking to capitalize on the development of this growing neighborhood.”
Noonan and NGKF Capital Markets Senior Managing Director Jennifer Schwartzman will be marketing the property for sale, with the assistance of Landauer Valuation & Advisory Chairman Robert Von Ancken. Senior Managing Director Paul Talbot of NGKF Capital Markets’ structured finance team can be contacted regarding financing.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.