New York, NY – October 29, 2018 – Cushman & Wakefield today announced that the brokerage firm has been retained on an exclusive basis to arrange the sale of 16 West 18th Street and 21 West 17th Street, a rare Flatiron block-through development site with approximately 49,680 buildable square feet, as-of-right. The asking price is $24,000,000.
A Cushman & Wakefield team consisting of Executive Vice Chairman, Tara Stacom, Vice Chairman John F. Ciraulo and Senior Director Craig Waggner will be leading the marketing efforts on behalf of the property’s seller, C.A. White, Inc.
Building plans have been filed with the Department of Buildings and approved by the Landmarks Preservation Commission to construct a 13-story building on 17th Street and a 10-story building on 18th Street keeping the contextual height of the adjacent neighboring properties uniform. Designed by Morris Adjmi Architects to be full floor units, the combined buildings will total approximately 38,789 square feet above grade.
“The site of 16 West 18th Street and 21 West 17th Street is an ideal opportunity for any developer looking for a sizable, unencumbered development project within one of Manhattan’s most sought-after submarkets,” said John Ciraulo of Cushman & Wakefield. “This incredible redevelopment opportunity provides developers the ability to capitalize on tremendous demand in an area with a scarcity of developable land and high barrier to entry while benefiting from time savings and the elimination of any uncertainty to obtain landmarks approval”, added Craig Waggner.
Conveniently located at the epicenter of Midtown South Manhattan, the site is within close proximity to Madison Square Park, Union Square, Herald Square and Gramercy Park, which combine to offer residents, employees and guests world-class restaurants, prestigious shopping, exclusive nightlife and unparalleled transportation.
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.