48 Clinton Street was Manhattan’s first property purchased by a Qualified Opportunity Fund in an Opportunity Zone
New York, NY –December 26, 2018 – Cushman & Wakefield announced today that the brokerage firm has arranged the sale of 48 Clinton Street, a 5,467-square-foot mixed-use building located in Manhattan’s Lower East Side. The final closing price was $5.4 million, equating to approximately $988 per gross square foot and $534 per buildable square foot.
Cushman & Wakefield’s Michael F. DeCheser, Patrick Dugan, Mei Ling Wong, Andrew T. Berry and Bryan Hurley led the marketing efforts on behalf of the seller, the Blue Man Group. The property was purchased by Arani Bose.
“During our marketing process, 48 Clinton Street fell into one of the three census tracts in the East Village and Lower East Side that were designated as Opportunity Zones,” said Michael F. DeCheser of Cushman & Wakefield. “This opened the buyer pool to new groups that had capital gains of any kind, not just 1031 exchange buyers. The sale of 48 Clinton Street was the first purchase of a property in an Opportunity Zone by a Qualified Opportunity Fund in the borough of Manhattan and we expect to see more purchases by QOF’s in 2019.”
The four-story, 5,467-square-foot property contains approximately 4,653 square-feet of air rights and can hold a maximum of 10,120 buildable-square-feet for residential or mixed use. Formerly known as the Loho Studios, the building currently features a recording studio on the ground floor with a double height ceiling. The second floor offers front and back mezzanine spaces for office or additional studio use. The third floor is currently used as a workshop and the fourth floor contains additional office space with a terrace.
The recording studio at 48 Clinton Street has hosted an extensive list of musicians over the years, including Willie Nelson, who recorded his award-winning album, Songbird, there. In addition, artists such as John Mayer, Joey Ramone, Phish, Patti Smith, Lindsay Lohan, OAR, Art Garfunkel, Joan Jett and many more have used the studio to record their music.
Located on the east side of Clinton Street, between Rivington and Stanton Street, the property is situated in a fast growing neighborhood, near an abundance of dining and retail options. 48 Clinton Street is also within close proximity to Essex Crossing, a development that will consist of 1.9 million square feet of residential, commercial and community space.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value 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.