Meringoff and Riese co-marketing adjacent Midtown sites

The pair are offering a combined 115,000 sf at Lexington Avenue at East 56th

Dennis Reise Meringoff
From left: 681-685 and 677 Lexington Avenue (inset: Dennis Riese and Stephen Meringoff)

Meringoff Properties and the Reise Organization are partnering to sell two adjacent Midtown buildings as a single development site, attempting to capitalize on the city’s building boom.

The property manager, a subsidiary of Himmel + Meringoff, and the restaurant operator are offering 677 and 681-685 Lexington Avenue, a combined 115,000 square feet of development rights.

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“There are some times in the market when a building is worth more as a development site than as an income-producing property,” said Stephen Meringoff, a principal of Meringoff Properties. “This time in the market is one of them.”

Eastern Consolidated is marketing the buildings, with an eye on buyers interesting in building residential or hotels on the site, the Wall Street Journal reported. [WSJ, second item]Ariel Stulberg