C&W Arranges Sale of Manhattan Mixed-Use Building
- Mar 09, 2018
Cushman & Wakefield has facilitated the sale of a four-story, mixed-use building located at 217 E. 3rd St., in Manhattan’s East Village neighborhood. The estate of Michael Mendez sold the asset for $5.1 million. In January, the commercial real estate services firm orchestrated the disposition of two other mixed-use properties in Manhattan—18 E. 23rd St. and 224 Fifth Ave.
Situated on the north side of East Third Street, 217 E. 3rd St. is between avenues B and C. Easily accessible via the F, J, M and Z subway lines and multiple bus stops, the property is in close proximity to several retail, dining and nightlife options. The asset consists of a vacant restaurant on the ground floor, three free-market floor-through apartments and a basement that houses the mechanicals and storage area. The property is approximately 4,160 square feet above grade, not including a one-story structure located at the rear of the building and separated by a courtyard area. Some 4,700 square feet of remaining air rights are available.
“The buyer obtained a rare opportunity to acquire a building in the East Village that can be rented up quickly, but also developed to its full potential down the road. There was a lot of competition for this estate sale with over 30 offers,” said Senior Managing Director Michael DeCheser, in prepared remarks. DeCheser worked on behalf of the seller in this transaction.
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