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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.