661 Lexington Avenue, New York, NY, 10022, US

661 Lexington Avenue

Attributes

Asking price

A$48,975,000

Building area gross

3,290 m²

Land area gross

449 m²

Year built

1902

Number of floors

8 floors

Occupancy

69%

WAULT

5.6 years

Asset Description

JLL has been retained on an exclusive basis to arrange for the sale of 661 Lexington Avenue (“The Property”), a beautiful brick and copper façade mixed-use office building in the Midtown East neighborhood of Manhattan. The Property is situated on at the northeast corner of East 55th Street and Lexington Avenue, featuring ~140’ of combined retail frontage. Including the below grade space, the Property contains approximately 44,119 rentable square feet across eight (8) stories as well significant excess development rights totaling 58,000 of ZFA.

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Investment Highlights

User Potential: The vacant status of the 5 office units creates a tremendous opportunity for a user to immediately own and occupy the space, and potentially grow into the rest of the building as leases begin to roll.

Future Development Potential: There are viable strategies available for investors and/or developers to unlock the development potential of the Property, while capitalizing on the in-place cash flow from the existing retail and office tenants.

Corner Lot Exposure: With ~140’ of combined frontage along Lexington Avenue and 55th Street, the retail storefronts benefit immensely from the heavy traffic exposure.

Light & Air: Due to the Property’s positioning on the corner of the block, the building receives tremendous light & air, particularly on the upper office floors.

Strong WALT of Existing Office Tenants: The current office tenants, not including the one tenant whose lease is set to expire at the end of 2023, carry a WALT of 5.6 years.

Excellent Connectivity: The Property at 661 Lexington Avenue has tremendous accessibility, given its proximity to multiple subway lines and the Queensboro Bridge.

Ideal Midtown East Location: Midtown East is known for being the home to some of Manhattan’s most iconic sites including the Chrysler Building and the United Nations Headquarters. The Property is situated in the heart Manhattan’s Central Business District with proximity to several major employers. Finally, Midtown East offers an excellent selection of dining and entertainment options for both residents and employees alike.