The Real Deal New York

RFR sells retail property at 451 Lexington

December 07, 2010 03:19PM
By Adam Pincus

Aby Rosen and 451 Lexington Avenue (building photo credit: PropertyShark)Aby Rosen’s RFR Realty sold a two-story corner retail property at 451 Lexington Avenue at 45th Street in Midtown for $28.7 million.

A Connecticut-based buyer identified as 451 Lexington Realty went into contract on the purchase Nov. 2 and closed Nov. 30, city property records published today show.

RFR Realty bought the 13,585-square-foot property in 1992 for an undisclosed sum. A one-story portion of the property is leased to fast food-restaurant Sbarro while a two-story portion is leased to McDonalds. There are three other tenants as well. The listing said the property was suited for a mixed-use development, because four of the leases expire within a year and the fifth has a demolition clause.

The property has a total of 78,750 square feet of development rights, giving it a sale price of $364 per buildable square foot.

Rosen was not available for comment, the company said.

Massey Knakal Realty Services Chairman Robert Knakal and Clint Olsen, first vice president of sales, were the sole brokers on the sale. Knakal declined to comment.

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