661 Lexington Avenue is a prominent mixed-use office building located at the bustling northeast corner of East 55th Street and Lexington Avenue in Midtown East, Manhattan. This historic property, built in 1902, features a striking brick and copper façade and offers approximately 44,119 rentable square feet across eight stories, with significant below-grade space currently utilized as a restaurant. The building also benefits from substantial excess development rights totaling 58,000 ZFA, providing ample opportunities for future expansion or redevelopment.

Investment Highlights:

• Prime Location in Midtown East: Positioned in one of Manhattan’s most vibrant neighborhoods, 661 Lexington Avenue is surrounded by iconic landmarks, including the Chrysler Building, the United Nations Headquarters, and Central Park. The area is known for its mix of major employment centers, high-end residential buildings, and a variety of dining, retail, and entertainment options, making it a highly desirable destination for businesses and visitors alike. The property is well-connected, with multiple subway lines nearby and easy access to the Queensboro Bridge, facilitating convenient travel across the city and to surrounding boroughs.

• Architectural and Functional Excellence: The building features floor plates of approximately 4,800 square feet from the 2nd through 7th floors, making it ideal for midsize tenants or a single user. The 8th and 9th floors offer a unique opportunity to create a duplex with multiple outdoor spaces, enhancing the building’s appeal for premium office or residential conversion. The property’s high ceilings, corner location, and large windows provide exceptional light and air, particularly on the upper floors.

• Current Income and User Potential: 661 Lexington Avenue currently houses three fully leased retail spaces on the ground floor and seven office floors above, comprising 15 total units. Ten of these office units are occupied, with the remaining five available for immediate use, offering flexibility for a new owner to occupy the space or lease it out for additional income. The in-place tenants boast a weighted average lease term (WALT) of 5.6 years, not including the leases set to expire by the end of 2023, providing steady cash flow and room for growth as leases roll over.

• Development and Expansion Opportunities: Zoned C5-2.5 within the Special Midtown District, the property benefits from approximately 58,000 BSF as-of-right development potential. This zoning allows for a variety of uses, including residential, commercial, retail, and community facilities. Potential development pathways include utilizing transit improvement and inclusionary bonuses or purchasing neighboring parcels’ air rights, providing multiple avenues for investors and developers to maximize the building’s value.

• Notable Building Features: The property includes a renovated selling basement, manned lobby, and modernized elevator systems installed in 2019. The corner location provides over 140 feet of combined retail frontage along Lexington Avenue and 55th Street, offering excellent visibility and exposure to high foot traffic. The building’s infrastructure supports future branding opportunities for new owners seeking to make their mark in Midtown East.

• Historical and Architectural Significance: As part of a neighborhood rich with architectural history, 661 Lexington Avenue stands out with its elegant design and historical charm. Midtown East’s heritage is reflected in its mix of Neo-Gothic, Art Deco, and Beaux-Arts buildings, further enhancing the appeal of this distinctive property.

Conclusion:

661 Lexington Avenue presents a rare opportunity to acquire a premier office building in one of Manhattan’s most sought-after locations. With its strategic position, abundant development potential, and existing income-producing tenants, this property is ideal for investors, developers, and end-users looking to capitalize on the strengths of Midtown East. Whether redeveloped, repositioned, or retained as a distinctive mixed-use asset, 661 Lexington Avenue offers a versatile platform for future growth and success in New York’s dynamic real estate market.