{"id":1004204938,"date":"2018-01-25T05:41:26","date_gmt":"2018-01-25T13:41:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004204938"},"modified":"2022-12-07T23:43:24","modified_gmt":"2022-12-08T07:43:24","slug":"cw-arranges-sale-of-2-mixed-use-manhattan-assets","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cw-arranges-sale-of-2-mixed-use-manhattan-assets\/","title":{"rendered":"C&W Arranges Sale of 2 Mixed-Use Manhattan Assets"},"content":{"rendered":"

By Barbra Murray<\/em><\/p>\n

\"224<\/a>

224 Fifth Ave. and 18 E. 23rd St. in NYC<\/p><\/div>\n

There\u2019s been plenty of activity in Manhattan\u2019s mixed-use arena, for which Cushman & Wakefield can take partial responsibility. Standing in for separate sellers, the commercial real estate services firm recently orchestrated the disposition of two mixed-use properties\u201418 E. 23rd St. and 224 Fifth Ave.\u2014at prices notably higher than those achieved in the previous trades.<\/p>\n

Investors were attracted to 18 E. 23rd St. and 224 Fifth Ave. like bees to honey. \u201cBoth properties were highly sought after and contested as we received several competitive offers,\u201d<\/em> John Ciraulo, vice president with Cushman & Wakefield, said in a prepared statement.<\/p>\n

C&W marketed 18 E. 23rd on behalf of Bait & Tackle Realty LLC. Originally developed circa 1900, the fully leased property features 16 free-market apartment units and ground level retail space currently occupied by a restaurant. Last renovated in 2011, the 9,400-square-foot asset fetched $13.5 million. Bait & Tackle grabbed the five-story structure in 2010 for $5.7 million.<\/p>\n

Just blocks away across the six-acre Madison Square Park, C&W assisted 224 Fifth Madison Park LLC in securing a buyer for 224 Fifth, a 16,000-square-foot tower featuring office accommodations and a ground-level retail space. Redeveloped in 1980, the mid-19th Century-era property offers the new owner a little something extra: the potential to be transformed into luxury condos. The building sold with a price tag of $21 million, after last trading in 2012 for $10 million.<\/p>\n

\u201cThe properties\u2019 excellent locations adjacent to Madison Square Park in the NoMad\/Flatiron District made these attractive opportunities for investors looking to purchase mixed-use assets in this extremely popular neighborhood,\u201d<\/em> Ciraulo added.<\/p>\n

Mixed-use madness<\/strong><\/h2>\n

Whether they\u2019re big transactions\u2014like SL Green Realty Corp. and RXR Realty\u2019s agreement to acquire a sizeable stake in the 2.2-million-square-foot Worldwide Plaza building in Midtown<\/a>\u2014or small, it appears the New York investment community is quite keen on mixed-use properties. Office with retail, retail with residential; they\u2019re all highly coveted.<\/p>\n

C&W\u2019s arrangement of a bevy of mixed-use trades across the tri-state area over the last few months serves as evidence of investors\u2019 fondness for the asset type. The firm\u2019s deals in November alone include the $15 million sale of the 19,000-square-foot property at 85 Chambers St. in Lower Manhattan. C&W also orchestrated the $30 million disposition of the four-building, 37,500-squre-foot complex at 212-218 E. 85th St. on Manhattan\u2019s Upper East Side, as well as the sale of the 6,000-square-foot asset at 320 Macon St. in Brooklyn, which was picked up for roughly $3.9 million.<\/p>\n

Image courtesy of Cushman & Wakefield<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Acting on behalf of separate sellers, the commercial real estate services firm secured buyers for the properties, both of which are located in the Flatiron District near the popular Madison Park submarket. <\/p>\n","protected":false},"author":969,"featured_media":1004204940,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21752,1600,21742,10],"tags":[32799,34489,32895],"class_list":["post-1004204938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-mixed-use","category-new-york","category-latest","category-northeast","tag-cushman-wakefield","tag-rxr-realty","tag-sl-green-realty-corporation"],"acf":[],"yoast_head":"\nC&W Arranges Sale of 2 Mixed-Use Manhattan Assets - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cw-arranges-sale-of-2-mixed-use-manhattan-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"C&W Arranges Sale of 2 Mixed-Use Manhattan Assets\" \/>\n<meta property=\"og:description\" content=\"Acting on behalf of separate sellers, the commercial real estate services firm secured buyers for the properties, both of which are located in the Flatiron District near the popular Madison Park submarket.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cw-arranges-sale-of-2-mixed-use-manhattan-assets\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-01-25T13:41:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T07:43:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/224-Fifth-Ave.-and-18-E.-23rd-St.-in-NYC.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cw-arranges-sale-of-2-mixed-use-manhattan-assets\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cw-arranges-sale-of-2-mixed-use-manhattan-assets\/\",\"name\":\"C&W Arranges Sale of 2 Mixed-Use Manhattan Assets - 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