Cushman & Wakefield Sells Mixed-Use Building on 125th Street
NEW YORK, October 19, 2016 – Cushman & Wakefield has sold a mixed-use retail and office building at 145 East 125th Street, located along Harlem’s bustling 125th Street retail corridor. The property sold in an all-cash transaction valued at $27,000,000.
Cushman & Wakefield’s Robert M. Shapiro exclusively handled this transaction with Bob Knakal and Jonathan Hageman. The sellers were the Kessner family with Steven and Michael Kessner running the transaction.
“We received a tremendous amount of interest from investors. Being located on top of the Lexington Avenue subway line, on the corner of 125th Street, makes this asset truly one of a kind. There is approximately 3,500,000 square feet of new development within a 2 block radius of the property which also added to the overall appeal,” said Robert M. Shapiro.
The six-story elevator building is fully occupied and totals approximately 35,970 gross square feet. The building consists of three ground floor retail tenants and one office tenant. McDonald’s occupies the corner retail space and Franklin Check Cashing and Dunkin’ Donuts occupy space along Lexington Avenue; both of which are visible from 125th Street. The Salvation Army has signed a lease to occupy the building’s five upper floors. The retail tenants benefit from the building’s cumulative 160 feet of wrap frontage along East 125th Street and Lexington Avenue.
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.