New York & Tri-State + Downtown New York + Office | May 4, 2018

East Village Asset with “Tremendous Potential” Changes Hands

Cushman & Wakefield has arranged the sale of a 50’ wide development opportunity at 238-240 E. 3rd Street in the East Village. Craftwood Partners paid $12 million to acquire the property, a commercial building with offices, a meeting area and a large theatrical studio with 20’ ceiling heights

A Cushman & Wakefield team of Michael F. DeCheser, Patrick Dugan, Mei Ling Wong, Andrew Berry and Bryan Hurley represented the seller, Third Street Theater LLC. The building offers approximately 21,000 total buildable square feet.

“This property presents tremendous potential in its current configuration or as an ideal development opportunity,” said DeCheser. “Considering the uniqueness of the building and the neighborhood’s rapid transformation, the buyer will have countless options moving forward.”

Subscribe to Connect Daily New York

For comments, questions or concerns, please contact Paul Bubny

Connect

Inside The Story

Connect With Cushman & Wakefield's DeCheser

About Paul Bubny

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).

Order Reprints