Cushman & Wakefield today announced that the firm has arranged the sale of a five-story, 5,200-square-foot mixed-use building located at 219 East 60th Street. The final closing price was $5,200,000.
A Cushman & Wakefield team consisting of Executive Managing Director Clint Olsen, Associate Alex Woodlief and Associate Will Conrad represented the seller in the transaction.
“The property’s highly desired location in the heart of Midtown’s Decoration & Design District presented a rare opportunity for potential buyers,” said Clint Olsen. “The building was delivered vacant which allowed for immediate occupancy and significant upside after renovation. We were able to find a user/buyer who paid a premium outside of the typical gallery and boutique profile of the neighborhood. It was an ideal user-building as the property possessed incredible conversion potential given its location, configuration and vacancy. ”
The building was configured with retail space on the ground and second floors with a large rear courtyard, high ceilings, original woodwork and floor to ceiling pocket doors. The three upper floors were open floor-plan offices ideal for residential conversion. The building was also underbuilt which allowed for potential extensions or expansion.
Located on the north side of 60th Street, between Second and Third Avenues, the property is one-block from Bloomingdales’ flagship and the Decoration & Design building. The property is easily accessible by public transportation including the nearby Lexington Avenue/59th Street Station servicing the 4, 5 ,6 and the N, R, W trains.
Leslie Wang of Essential New York Real Estate represented the buyer, Ling Jiou Mountain Buddhist Society.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.
