John Murray Acquires Commercial Property On Lexington Avenue For $63M

The commercial property located at 557 Lexington Avenue in the Turtle Bay neighborhood of Manhattan has been sold in a transaction that closed on April 26, 2022. The property is zoned as C6-6, MiD, allowing for a variety of commercial uses. The sale was facilitated by John Murray, who purchased the property from Thomas Felderman for a total price of $63,054,154. The property has a total building size of 112,500 square feet, resulting in a price per square foot of $560. The total lot size is 7,500 square feet, with dimensions of 100.42 feet by 71.25 feet.

Summary of transaction details:

• Property Type: Commercial
• Transaction Amount: $63,054,154
• Market: Turtle Bay, Manhattan
• Buyer: John Murray
• Seller: Thomas Felderman
• Price per Square Foot: $560
• Total Building Size: 112,500 square feet
• Total Lot Size: 7,500 square feet

Notable permits for alterations were obtained for this property on April 13, 2017. The transaction has a floor area ratio (FAR) of 18.48 and is classified as tax class 4. This sale transaction showcases the value of this commercial asset and highlights its prime location in Turtle Bay, Manhattan.