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Blue Man Group’s Studio Trades in Manhattan’s First OZ Deal
Blue Man Group’s studio at 48 Clinton St. on the Lower East Side has traded for $5.4 million, or $988 per gross square foot. Cushman & Wakefield arranged the sale of the 5,467-square-foot mixed-use building to Arani Bose. It’s reportedly the first Opportunity Zone purchase in Manhattan by a Qualified Opportunity Fund.
“During our marketing process, 48 Clinton fell into one of the three census tracts in the East Village and Lower East Side that were designated as Opportunity Zones,” said Cushman & Wakefield’s Michael DeCheser. “This opened the buyer pool to new groups that had capital gains of any kind, not just 1031 exchange buyers.”
DeCheser led the marketing efforts on behalf of Blue Man Group, along with colleagues Patrick Dugan, Mei Ling Wong, Andrew T. Berry and Bryan Hurley. Formerly known as the Loho Studios, the building features a recording studio on the ground floor with a double height ceiling.
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- ◦Sale/Acquisition
