Ariel Property Advisors has successfully facilitated the sale of a prime development site located at 240 West 54th Street in Midtown for $21 million. The property boasts an impressive buildable square footage of 50,000 for residential use and 75,000 for commercial use.
The seller was represented by a team from Ariel including Christoffer Brodhead, Howard Raber, and Nikola Cosic. According to Brodhead, the location’s potential as a residential hub garnered significant interest from developers. Its proximity to Central Park and Columbus Circle as well as its easy access to offices on Avenue of the Americas make it an ideal spot.
The vacant five-story building on the site was previously known as Café Iguana and spans over 27,515 square feet with additional air rights totaling up to 47
