New York, NY – November 2, 2018 – Cushman & Wakefield announced today that the firm has arranged the sale of 538 East 11th Street, a unique 14,000 square-foot multilevel studio and event space located in the East Village neighborhood of Manhattan. The final closing price was $16.25 million, equating to $1,160 per square foot.
Cushman & Wakefield’s Michael DeCheser, Andrew Berry, Mei Ling Wong and Bryan Hurley led the marketing efforts on behalf of the seller, Alyssa Adams. 538 East Eleventh LLC purchased the property.
“Bathhouse Studios is a one-of-a-kind multilevel space with a rich history,” said Michael DeCheser of Cushman & Wakefield. “The property is the only first-class freestanding building in the neighborhood featuring an expansive studio, event space, fully renovated residence and landscaped roof deck. Our wide-reaching marketing ability at Cushman & Wakefield was critical given the uniqueness of the asset.”
Built between 1904-1905 and designed in the Neo-Italian Renaissance style, the former public bathhouse was converted into a high-end studio in 1995 by Pulitzer Prize winning photographer Eddie Adams. Designed by esteemed architect Gene Kaufman, the studio was used to house Adams’ work for Parade Magazine and Associated Press, in addition to some of his other major achievements. The event space has hosted world renowned brands such as Lamborghini, Vogue, Gucci, Nike, Lacoste, Ketel One Vodka, Ford, and Victoria Beckham, among many others.
The ground floor of Bathhouse Studios features 20-foot ceilings with oak floors, exposed brick and antique frosted windows. The residence above possesses 16-foot ceilings with oak floors throughout, a 2,200 square-foot outdoor deck and a kitchen with granite, stainless-steel countertops and top of the line appliances. Additionally, the entire building utilizes a central HVAC system.
Located on the south side of East 11th Street between Avenue A and Avenue B this area has experienced several notable new developments such as Steiner East Village, Extell’s 510 East 14th Street and Magnum’’s 100 Avenue A.
538 East 11th Street is conveniently located within walking distance to the 14th Street L train stop and steps from popular neighborhood hot spots including Webster Hall, Astor Place, Cooper Square, International Center of Photography, New Museum of Contemporary Arts, Anthology Film Archives and The East River Waterfront Esplanade.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.