Ariel Property Advisors (Ariel) has arranged the $21 million sale of a development site offering 50,000 BSF for residential use and 75,000 BSF for commercial use at 240 West 54th Street between Broadway and 8th Avenue.
An Ariel team comprised of Christoffer Brodhead, Senior Director, Howard Raber, Director, and Nikola Cosic, Associate Director, represented the seller in the transaction.
“This property generated a great deal of interest from developers who recognized the strength of the location for residential use,” Brodhead said. “The site is ideally located near Central Park and Columbus Circle and is a short walk to offices on Avenue of the Americas, Times Square and Hudson Yards.”
The five-story vacant building currently on the site is the former home of the Café Iguana. The building spans 27,515 SF along with 47,800 SF of air rights. The property’s C6-7 zoning allows for high-rise construction and provides for a flexible mix of residential, commercial or community facility uses.
For more information about the Manhattan investment sales market, please refer to Ariel’s latest research reports covering the New York City investment sales market: Ariel Property Advisors’ Q1 2024 Multifamily Quarter In Review New York City and Manhattan 2023 Year-End Commercial Real Estate Trends report.
