Cushman & Wakefield announced today that the firm has arranged the sale of 217 East 3rd Street, a 4-story mixed-use building in Manhattan’s East Village neighborhood. The final closing price was $5.1 million.
Cushman & Wakefield’s Senior Managing Director Michael F. DeCheser represented the seller, the Estate of Michael Mendez, in the transaction.
“The buyer obtained a rare opportunity to acquire a building in the East Village that can be rented up quickly, but also developed to its full potential down the road,” said Cushman & Wakefield’s Michael F. DeCheser. “There was a lot of competition for this estate sale with over 30 offers. The buyer had a great track record and excellent terms.”
The mixed-use property consists of a vacant turn-key restaurant located on the ground floor, and three free-market floor-through apartments. The property is approximately 4,160-square-feet above grade, not including a one-story structure located at the rear of the property and separated by a small courtyard area. It also offers approximately 4,700-square-feet of remaining air rights and a useable basement that houses the mechanicals and storage area.
Situated on the north side of East 3rd Street, between Avenues B and C, the property is in close proximity to a wide array of retail, dining and nightlife options. The property is easily accessible via the F, J, M and Z subway lines and multiple bus stops.
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.
