\u201cThe lights are much brighter there, you can forget all your troubles, forget all your cares\u2026,\u201d Petula Clark once sang. And one buyer certainly agrees.\u00a0<\/p>\n
Lexin Capital has sold its downtown development site at 75-83 Nassau Street in Manhattan\u2019s Financial District for $53 million, Commercial Observer can first report.\u00a0<\/p>\n
SEE ALSO: National Grid Sells Former Far Rockaway Power Plant to PSEG<\/a><\/p>\n The buyers are Full Time Management<\/a> and Montgomery Street Partners<\/a>, and the intention is to build a large, mixed-use project at the site, which is one of the very last sites in Manhattan able to use the old 421a development tax abatement<\/a>.\u00a0<\/p>\n JLL<\/a>\u2019s Andrew Scandalios, Ethan Stanton, Jonathan Hageman and Michael Mazzara negotiated the transaction.\u00a0<\/p>\n The 13,250-square-foot lot has a permitted zoning floor area of roughly 275,000 square feet, 225,000 of which can be for residential use, and the buyer plans an approximately 265-unit residential tower with retail at its base and commercial space on its second floor, according to JLL.\u00a0<\/p>\n Lexin Capital, led by Metin Negrin, bought the site \u2014 a collection of five vacant lots following demolition of the buildings \u2014 in 2014 for $46 million then put it up for sale in July 2024<\/a>, The Real Deal previously reported. Zoned for mixed use, the site was valued at around $75 million at the time due to 421a\u2019s advantages for developers over its successor, the 458x program.\u00a0<\/p>\n Sitting close to the Fulton Street transit hub, through which nine subway lines pass, the future tower\u2019s residents will benefit from easy transportation connectivity while the developers can take advantage of lower vacancy and tighter housing supply resulting from slower construction starts, according to information from JLL, citing the firm\u2019s third-quarter multifamily investment analysis.\u00a0<\/p>\n Montgomery Partners and Full Time Management could not immediately be reached for comment.\u00a0<\/p>\n