Cushman & Wakefield Retained Exclusively to Sell Prime Mixed-Use Building in Gramercy
NEW YORK, Nov. 1, 2016 – Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 350-352 Third Avenue – a turn-key, mixed-use building located between 25th and 26th Streets at the cusp of Manhattan’s Gramercy and NoMad neighborhoods. The asking price is $23,000,000.
The five-story, walk-up building contains approximately 14,122 square feet above grade, with an additional 3,368-square-foot basement. It boasts approximately 44 feet of frontage on Third Avenue, divided between two retail storefronts. The residential portion consists of 14 apartments of which ten are free market and four are rent stabilized. All free market units have recently undergone extensive renovation to include hardwood floors, recessed lighting, marble countertops and other modern finishes. Both retail units are currently vacant and are being offered for lease.
“Given the property’s recent extensive renovations, the building will show well to anyone looking for a turn-key, management un-intensive investment property with strong in-place cash flow, said Michael DeCheser who is exclusively marketing this property with John Ciraulo, Craig M. Waggner and Mei Ling Wong.
“The building’s extra wide frontage along Third Avenue in the highly desirable Gramercy neighborhood should draw interest from end-users looking for a retail location, added John Ciraulo.
350-352 Third Avenue is ideally located near respected educational institutions like CUNY Baruch College, School of Visual Arts and New York University which contributes to the high foot-traffic along Third Avenue. The property is also blocks away from popular destinations like Gramercy Park, Madison Square Park and the Flatiron District. It can be accessed via the 6 train line at the 23rd Street station.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 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.