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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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