FSM East River Associates is a partnership between FisherBrothers and Solow Realty and Development. The developers of theproperty, with Morgan Stanley, were the winning bidders in anauction conducted by Cushman and Wakefield.
The sale involves a total of 9.2 acres of Con Edison propertylocated at 616; 685 and 708 First Ave., currently the site of anoffice building. Also included in the deal is 700 First Avenue, thesite of the company's 99-year-old Waterside stream electricgenerating station.
In prepared statements, Kevin Burke, president of Con Edison,said, "The sale of these properties will benefit the customers ofCon Edison and the residents of New York City." Said Sheldon H.Solow, president of Solow Realty and Development: "The acquisitionof these properties presents an opportunity for residential,commercial and waterfront development coupled with tax andemployment benefits, both during and after development."
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