Lexin Capital sold a unicorn in today’s market: a development site eligible for the lapsed 421a tax abatement program. Metin Negrin’s firm offloaded the parcel at 75-83 Nassau Street to Full Time Management and Montgomery Street Partners for $53 million, the Commercial Observer reported. The partners are planning a mixed-use development at the site. Lexin put the development site up for sale last summer, seeking a valuation of around $75 million in either an outright sale or stake sale for one of the last 421a-eligible development sites in Manhattan. For many, that’s huge, as 421a is more favorable to developers […]

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