
5-Story Brownstone Trades Near Union Square
Cushman & Wakefield has arranged the sale of 117 E. 15th St., a five-story multi-tenanted brownstone near Union Square. The 6,800-square-foot walkup building traded for $11 million, or $1,618 per square foot.
Vice chairman John Ciraulo led the marketing efforts with senior director Craig Waggner on behalf of the seller, Jacobson Group. The property was purchased by a foreign buyer operating under the name Three Sixty CC Inc. and represented by Edward Kim and Alex Lee of KW Commercial.
“The property’s full occupancy, existing cash flow and ideal location just a half block from Union Square made it an excellent investment opportunity for the buyer,” said Ciraulo.
Added Waggner, “The property also came with approximately 7,184 square feet of unused air rights that can be utilized or transferred.” Alternately, “the entire building could be razed to make way for an approximately 13,984-square-foot boutique development once the existing leases expire.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition