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Ryback acquires midtown development site

Cushman & Wakefield announced the sale of 656-660 Lexington Avenue, a corner development site that totals 52,900 buildable square feet. The final sale price was $24,000,000, equating to $452 per buildable square foot.

Cushman & Wakefield’s Will Conrad and Damani Strasner represented the seller. Sergey Rybak of Rybak Development acquired the asset.

“656-660 Lexington Avenue is a prime corner development site in Midtown Manhattan,” said Conrad. “This is one of the first major development site deals in the area since the beginning of the pandemic, a sign that developers are still betting on New York City and are confident in its rebound.”

Located on the northwest corner of Lexington Avenue and East 55th Street, 656-660 Lexington Avenue is zoned C5-2.5, allowing for commercial office or hotel development, along with mixed-use commercial and residential development. The site is currently improved by an 8,821-square-foot retail building.

The asset is situated in a neighborhood that is saturated with premier office tenants and world-class retailers and restaurants. Public transportation options nearby include the E, M and 6 subway lines, as well as Grand Central Terminal and the Queensboro Bridge.

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