New York, NY –April 24, 2018 – Cushman & Wakefield today announced that the real estate services firm has been retained on an exclusive basis to market 17 East 47th Street, the former home of the New York Mercantile Library. The asking price is $23,850,000.

A Cushman & Wakefield team consisting of Executive Managing Director Clint Olsen and Senior Associate Will Conrad will be leading the marketing efforts on behalf of the property’s seller.

“The Mercantile Library dates back to 1820 and was a destination for entrepreneurial New Yorkers and immigrants who wanted to learn the merchant trade and develop ethical business practices,” said Will Conrad of Cushman & Wakefield “Situated in one of New York City’s most prestigious locations and featuring an elegant facade, the building offers a wide range of opportunities, including as an ideal site for cultural institutions, hotel developers and value-add investors.”

17 East 47th Street has been home to the Mercantile Library since 1932. The property will be delivered vacant and offers approximately 17,500 square-feet of usable space. The generous zoning and excess air rights of approximately 20,485 square-feet also present a significant opportunity for re-development. In total, there are over 38,000 buildable square feet available to create a new project servicing Midtown’s core office market and its tenants.

Active in New York for over 100 years, Cushman & Wakefield has had a hand in transactions involving many of the city’s historic and cultural institutions, as well as iconic skyscrapers such as the United Nations Building and One World Trade Center. The New York Mercantile Library, recently renamed the Center for Fiction, was originally founded in 1820 to educate young New Yorkers looking for success in the mercantile trade, and is currently the only United States organization exclusively dedicated to the art of fiction.

Located between Fifth Avenue and Madison Avenue, the property is neighbors with Rockefeller Center, Grand Central Station, Bryant Park, the Midtown office core, and shopping along Fifth and Madison Avenues. The property is easily accessible via the 4, 5, 6, 7, B, D, E, F and M and multiple bus lines.

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.