New York, NY –July 12, 2018 – Cushman & Wakefield today announced that the real estate services firm has been retained on an exclusive basis to market a five-story vacant commercial building for sale, located at 240 Fifth Avenue near Manhattan’s Madison Square Park in the booming NoMad district. The asking price is $27,000,000.
A Cushman & Wakefield team consisting of Vice Chairman John F. Ciraulo, Senior Director Craig Waggner, Associate Director Douglas Blankfot and Associate Lou D. Magarelli will be leading the marketing efforts on behalf of the property’s seller.
“As we’ve seen numerous end-users purchasing properties for their headquarters or flagship retail location along this stretch of Fifth Avenue where ‘NoMad’ meets Flatiron, we anticipate 240 Fifth Avenue to attract much of the same given the property is vacant,” said John F. Ciraulo of Cushman & Wakefield.
“This is an incredible opportunity to acquire an outstanding commercial building with a prominent Fifth Avenue address, unlimited possibilities and immediate value-add potential through repositioning,” said Craig Waggner of Cushman & Wakefield.
240 Fifth Avenue features five stories plus a basement and tremendous ceiling heights ranging from 10’-14’. The approximately 12,395 square-foot property is located between West 27th and 28th Streets and features 28’ of frontage. The property is vacant, offering a unique opportunity for an end-user or a mixed-use/boutique office investor that could benefit from the soaring rental market for both office and residential in this area.
With landmarks approval, the building could be redeveloped to approximately 28,170 total buildable square-feet and features approximately 15,775 square-feet of unused air rights. Due to an influx of new development and a surge in TAMI companies occupying the area’s office stock, the neighborhood has grown to include some of the city’s most popular restaurants, a dynamic retail environment and expanding residential community. Most notably, neighbors such as Eataly, the NoMad Hotel, The Smith, 11 Madison, Scarpetta, the Ace Hotel and the upcoming Virgin Hotel have all had their hand in transforming the area.
The area is highly accessible via public transit, within close proximity to the 4, 5, 6, N, Q, R trains, as well as the New Jersey PATH train and multiple bus lines. 240 Fifth Avenue represents a unique opportunity for a user or investor to acquire an ideally located commercial building, steps from Madison Square Park.
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.