Cushman & Wakefield Sells Mixed-Use Loft Building Near Union Square
A loft building at 9 East 16th Street, located between Fifth Avenue and Union Square West in the Ladies’ Mile Historic District of Manhattan, was sold in an all-cash transaction valued at $30,000,000.
The seven-story elevator-serviced building contains approximately 30,680 square feet and sits on a 50’ x 92’ lot. It consists of 15 large loft units, of which 12 are fair market and three are rent stabilized, and one ground floor commercial unit currently occupied by a restaurant. The sale price equates to approximately $978 per square foot.
“With its prime location between Fifth Avenue and Union Square Park, 9 East 16th Street occupies one of the most desirable locations in Manhattan, so achieving the full asking price was no surprise,” said Cushman & Wakefield’s Paul Smadbeck, who exclusively handled this transaction along with colleagues John Ciraulo, Rob Stufano, and Craig Waggner. “The property sold for a sub-3% cap rate, further evidence that demand is still extremely strong for high-quality multifamily properties which offer investors a value-add opportunity,” added John Ciraulo.