Cushman & Wakefield has arranged the sale of 976 Ave. of the Americas, a fully-leased, three-story retail building at the southeast corner of West 36th Street. The final closing price was $13.25 million; the buyer was not identified.
A Cushman & Wakefield team, led by John Ciraulo and Craig Waggner, led the marketing efforts on behalf of the seller along with Doug Blankrot and Lou Magarelli.
“Just steps away from Bryant Park and Herald Square, this corner retail building offers the buyer a great opportunity to acquire a fully-leased building with significant upside in the ground floor rent,” said Ciraulo.
Waggner added that given the ability to have the building vacant by virtue of in-place buyouts and early termination notices, “the purchaser has the flexibility to either occupy the building for their own use or redevelop it and capitalize on an avenue that has very few development opportunities.”
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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