Quintessential LES mixed-use elevator building steeped with detail and poised for re-positioning.
JLL Capital Markets has been retained to market 98 Forsyth Street, a 26-foot wide, mixed-use elevator building located between Grand and Broome Streets in the heart of Manhattan’s Lower East Side. The property is asking $6.95 million.
The property was constructed around 1900 and, in its early years, served as a well know catering hall named Pearl’s Mansion. The building has been owned and operated by the same family for over 50 years.
Present ownership has preserved much of the original detail, including tin ceilings, marble base moldings, large wooden entranceway and an open gated manual elevator. The property features attractive ceiling heights ranging from 9 feet in the usable/rentable basement to 11-feet-8-inches – 13 feet on the upper floors, as well as natural light and air flow from windows on all four exposures. The property is adjacent to Sara Roosevelt Park and easily accessible via the Grand Street B & D subway station, which is less than one block away.
In its current configuration, the property contains 4 residential units, 3 commercial spaces and a retail space that occupies he ground floor and basement. The retail is owner occupied by a high-end linen store that has provided fine linens to New York since 1894.
The JLL Capital Markets team overseeing the sale of 98 Forsyth Street includes Managing Directors Hall Oster and Guthrie Garvin, Vice President Teddy Galligan and Director Braedan Gait.
“98 Forsyth is attractive to investors and users looking to put their own stamp on a well-located, mixed-use asset,” Oster said. “Future owners will benefit from six floors of usable space, protected light and air, proximity to the train and flexible zoning which will allow for multiple re-positioning strategies.”
“This is a great opportunity for a purchaser seeking a well-located property with a variety of potential uses,” Garvin added. “98 Forsyth Street is a quintessential LES building offering a combination of classic character, broad zoning and a destination locale.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
