C&W Arranges Sale of Manhattan Mixed-Use Building

The four-story asset located at 217 E. Third St., in the East Village, changed hands for $5.1 million. The estate of Michael Mendez was the seller in this transaction.

The property located at 217 E. 3rd St. in Manhattan, New York
The property located at 217 E. 3rd St. in Manhattan, New York

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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