Cushman & Wakefield Sells Mixed-Use Building in the East Village
A mixed-use building at 28 East 14th Street, located between University Place and Fifth Avenue in Manhattan’s East Village neighborhood, was sold by in an all-cash transaction valued at $29,500,000.
The five-story building contains approximately 11,875 square feet and sits on a 25’ x 103.25’ lot. It consists of a ground floor retail unit and eight residential units, all of which are free market. The building features approximately 25 feet of frontage on East 14th Street, directly east of Union Square. It benefits from additional development rights and is within a block of several major subway stops. The sale price equates to approximately $2,484 per square foot.
“This sale achieved a record price per square foot for a 25’ wide mixed-use building in the area, showing the continued strength of Union Square and the Village overall,” said Cushman & Wakefield’s James Nelson, who exclusively represented the seller, Ultimate Realty, in this transaction. The buyer was represented by Julie Kang of Keller Williams NYC.
Founded in 1998, Ultimate Realty specializes in the repositioning and development of mixed-use properties within the NY metropolitan area. The firm, headed by Joe Sabbagh, closed last week on the purchase of 226 and 400 7th Avenue in Park Slope.
28 East 14 Street was purchased by Ultimate Realty in 2000 for $2,025,000.