New York, NY – February 6, 2019 – Cushman & Wakefield announced today that the firm has arranged the sale of 27-35 Madison Street, a four building, mixed-use property in lower Manhattan. The final closing price was $7.8 million, equating to $356 per square foot.
Cushman & Wakefield’s Robert Shapiro, Eric Roth, Michael DeCheser and Mei Ling Wong represented the seller in this transaction. After one hundred years of ownership, Vanella Realty Corp, a funeral home operator, put the property on the market. 27-35 Madison Street, located in the rapidly growing Two Bridges neighborhood, was purchased by Chang Biao Zhang, another funeral home operator.
“Our client’s funeral business successfully served the Two Bridges community at 27-35 Madison Street for more than 100 years,” said Robert Shapiro of Cushman & Wakefield. “In this transaction, we were able to identify new ownership attracted to the property’s design and diverse uses and also willing to invest in the building and growing neighborhood at terms favorable to our client.”
27-35 Madison Street is comprised of four buildings, including two apartment buildings, a funeral home and a hot dog vendor on two separate tax lots on Madison Street between Saint James Place and James Street. The property boasts 105 feet of frontage on Madison Street and 52 feet of frontage on Saint James Place. The buildings have a total of 21 residential units and 8,000 square feet of commercial space that will be delivered vacant and can be subdivided.
The property benefits from its location in the increasingly popular Two Bridges neighborhood in Lower Manhattan. 27-35 Madison Street is just blocks away from many luxury residential developments, with 3,500 new apartments and a waterfront park to be completed within the next few years. The property is conveniently located near the waterfront and is easily accessible by the 2, 3, 4, 5, 6, N, R, W, J, M, and Z trains.
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.