New York, NY – May 3, 2018 – Cushman & Wakefield announced today that the firm has arranged the sale of 238-240 East 3rd Street, a 50’ wide development opportunity in Manhattan’s East Village neighborhood. The final closing price was $12 million.

A Cushman & Wakefield brokerage team consisting of Senior Managing Director Michael F. DeCheser, Executive Director Patrick Dugan, Director Mei Ling Wong,  Director Andrew Berry and Associate Bryan Hurley represented the seller, Third Street Theater LLC, in the transaction. The property was purchased by Craftwood Partners.

238-240 East 3rd Street currently consists of a commercial building that houses offices, a meeting area and a large theatrical studio with 20’ ceiling heights. The building has approximately 4,500 square-feet on the ground floor, 850 square-feet on the mezzanine level, 800 square-feet in the basement and offers approximately 21,000 total buildable square feet. Recently, the fire alarm, sprinkler and electrical systems have been upgraded.

“This property presents tremendous potential in its current configuration or as an ideal development opportunity,” said Michael F. DeCheser of Cushman & Wakefield. “Considering the uniqueness of the building and the neighborhood’s rapid transformation, the buyer will have countless options moving forward.”

Located on the south side of East 3rd Street, between Avenues B and C, the surrounding area has a wide array of great shopping, dining and nightlife options. The property is easily accessible via the 6, F & M trains.

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.