Ariel Arranges $21M Sale of Midtown Development Site 

Ariel Property Advisors has arranged the $21 million sale of a development site at 240 West 54th Street, between Broadway and 8th Avenue in Midtown. The site offers 50,000 buildable square feet (BSF) for residential use and 75,000 BSF for commercial use. 

An Ariel team, including Christoffer Brodhead, Howard Raber, and Nikola Cosic, represented the seller. “This property generated a great deal of interest from developers who recognized the strength of the location for residential use,” Brodhead said. “The site is ideally located near Central Park and Columbus Circle and is a short walk to offices on Avenue of the Americas, Times Square and Hudson Yards.” 

The five-story vacant building on the site, formerly Café Iguana, spans 27,515 square feet with 47,800 square feet of air rights. Zoned C6-7, it allows for high-rise construction and a flexible mix of residential, commercial, or community facility uses.