We think Lexington Avenue has tons of potential for condo conversion. Maybe not this year, but at some point, it’ll hit people that the wide street (and accompanying great sunlight) and great stock of old commercial buildings are a perfect recipe for a taste of Dumbo/Soho in Brownstone Brooklyn. At this point, the safer bets on Lexington are probably further west in the shadow of the Broken Angel, but this listing from Massey Knakal certainly gets the juices flowing. The seller (in this case a church) has had the properties on the market for a few weeks and would prefer to sell them as a group. We’re loving the rounded windows of the warehouse space and the two garages next door that are part of the offering scream FAR. The three buildings are on a 7,200-square-foot lot and carry with them 15,840 of buildable space. Unless our calculator’s broken, that comes out to about $130 per buildable foot. Hardly a steal in this area, but we think the architectural merits of the warehouse merit some kind of premium.
749-753 Lexington Avenue [Massey Knakal] GMAP