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Nonprofit Sells LES Building for Resi Development

66 Clinton St. and an adjacent land parcel on the Lower East Side have traded for $8.7 million. The three-story, 4,340-square-foot building and vacant lot were purchased by Vault Development and TLM Equities, which plan to develop a boutique residential property.

CBRE’s Daniel Kaplan and Justin Arzi represented the seller, New Life of New York City, a Lower East Side nonprofit youth engagement organization.

“The property at 66 Clinton and adjacent empty land parcel can accommodate a new 16,348-square-foot residential property in a neighborhood that has been experiencing tremendous pent-up demand for high-end residential space,” said Kaplan. “The sale allows our client the opportunity to better serve kids throughout the city.”

For New Life, the sale marks a transition to a partnership model with other local organizations to lease its activity and office space, rather than owning real estate. Latham & Watkins also assisted New Life in the sale process.

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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 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).

  • ◦Development
  • ◦Sale/Acquisition
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