Stillman Development International LLC and Ceruzzi Properties LLC have finalized a deal to lease the lower two floors of 147 East 86th Street and purchase the (undisclosed amount of) air rights, with will allow them to build a 210,000-square-foot mixed-use tower on the corner of 86th Street and Lexington Avenue. Next up: closing on an agreement to buy 151 East 86th Street, currently a New York Sports Club. That building will be demolished in 2016, and the gym will get a 25-year lease in the new building. [WSJ; previously]
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