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NEW YORK CITY-As New York City faces a lack of commercial space, Consolidated Edison Co. of New York Inc. has sold some 9.2 acres of land along First Avenue to FSM East River Associates LLC. The value of the assets ranges between $576 million and $680 million.

FSM East River Associates is a partnership between Fisher Brothers and Solow Realty and Development. The developers of the property, with Morgan Stanley, were the winning bidders in an auction conducted by Cushman and Wakefield.

The sale involves a total of 9.2 acres of Con Edison property located at 616; 685 and 708 First Ave., currently the site of an office building. Also included in the deal is 700 First Avenue, the site of the company’s 99-year-old Waterside stream electric generating station.

In prepared statements, Kevin Burke, president of Con Edison, said, “The sale of these properties will benefit the customers of Con Edison and the residents of New York City.” Said Sheldon H. Solow, president of Solow Realty and Development: “The acquisition of these properties presents an opportunity for residential, commercial and waterfront development coupled with tax and employment benefits, both during and after development.”

The deal is expected to be completed over time, pending approval of the Public Service Commission; rezoning as part of the city’s land use review process and completion of related remediation and demolition. Neither ConEd nor FSM executives returned calls by press time.

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