New York, NY – April 9, 2018 – Cushman & Wakefield announced today that the firm has arranged the sale of 272-274 Canal Street, a 6,600-square-foot office conversion opportunity in Manhattan’s TriBeCa neighborhood. The final closing price was $8.7 million.
A Cushman & Wakefield brokerage team consisting of Senior Director Will Suarez, Associate Director Maurice Suede and Senior Associate Sean Rucker represented the seller in the transaction.
The development site offers a 4-story vacant loft building located on the corner of Canal Street and Cortlandt Alley, between Broadway and Lafayette Streets. The existing building is positioned for a boutique office building with prime retail space that has 89 feet of wrap-around frontage on one of NYC’s busiest pedestrian and vehicular crosstown corridors.
“Nestled between TriBeCa, Chinatown and NoLiTa, the buyer will have a unique opportunity to transform this high-profile asset into an income-producing gem,” said Will Suarez of Cushman & Wakefield. “Canal Street has been in transition for many years, and this transaction at 272-274 is the latest example of investment in and enthusiasm for the corridor’s future.”
The property is designated for M1-5 zoning and offers 8,955-buildable-square-feet. Steps from the N,Q, R, 6, J, Z subway lines, the site services over 41,457 nearby employees within a quarter of a mile of the property. Neighboring properties include Hotel Azure, The Mondrian Hotel, a dozen newly-developed high-end condominiums and retailers of all types.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. 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. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.