Con Ed Sells Prime Properties in a Deal Valued as High as $680 Mil

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.