Cushman & Wakefield today announced that the firm has arranged the sale of a five-story, 19,000-square-foot, mixed-use building located at 85 Chambers Street in Lower Manhattan. The property was sold for $15,000,000.
A Cushman & Wakefield team consisting of Vice Chairman Stephen P. Palmese, Senior Director Will Suarez, Associate Director Maurice Suede, Senior Associate Sean Rucker, and Associate Patrick Madigan represented the sellers in the transaction.
“Lower Manhattan continues to show resilience and an ability to deliver value-add opportunities like 85 Chambers Street,” said Will Suarez ofCushman & Wakefield. “The property is located where Tribeca, Financial District, and the Civic Center intersect, offering several attractive features for the asset’s redevelopment.”
The mixed-use property consists of two ground floor retail units and eight residential apartments, with additional buildable space available. Each residential unit features a washer and dryer and the property includes a cellar and sub-cellar. The property offers the opportunity to be transformed into a high-end hotel, luxury rental or condominium building.
Located on the north side of Chambers Street, between Broadway and Church Street, the property is easily accessible from the 1, 2, 3, 4, 5, 6, A, C, E, J, Z, R and W subway lines. In addition, the property is in close proximity to an abundance of retail shopping, dining, and entertainment options.
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.
