New York, NY – September 28, 2018 – Cushman & Wakefield announced today that the firm has arranged the sale of 976 Avenue of the Americas, a fully-leased, three-story retail building located in Manhattan’s Midtown. The final closing price was $13.25 million.
A Cushman & Wakefield brokerage team led by Vice Chairman John Ciraulo and Senior Director Craig Waggner, who lead mid-market investment sales in the Midtown territory, led the marketing efforts on behalf of the seller along with Doug Blankrot and Lou Magarelli.
“Just steps away from Bryant Park and Herald Square this corner retail building offers the buyer a great opportunity to acquire a fully leased building with significant upside in the ground floor rent in a highly visited area of Manhattan,” said John Ciraulo of Cushman & Wakefield. “With the ability to have the building vacant by virtue of in-place buyouts and early termination notices the purchaser has the flexibility to either occupy the building for their own use or redevelop it and capitalize on an avenue that has very few development opportunities,” added Craig Waggner.
Located on the southeast corner of Avenue of the Americas and West 36th Street, the site is currently improved with a three-story retail building with a tenant occupying each of the three floors. The tenants include Five Corough Burger on the ground, a nail salon on the second floor and Red Rocket Tattoo on the third floor. The property is located in the C6-6/MID (R10 Equivalent) zoning district which allows flexibility for residential, office, hotel, community facility and retail use.
The property benefits from superior access to public transportation, shopping, and many tourist attractions including the nearby Empire State Building, Bryant Park and Times Square. The property is located near the 34th Street – Penn Station subway and the Times Square – 42nd Street station.
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.