Burton and Keegan of Cushman & Wakefield broker $21.055 million sale of multifamily property

59 Thompson Street - Manhattan, NY

Manhattan, NY Cushman & Wakefield’s Robert Burton and Keegan Mehlhorn have sold Whistlepig Associates’ mixed-use multifamily asset at 59 Thompson St., located between Broome and Spring Sts. in the SoHo neighborhood. The all-cash transaction was valued at $21.055 million or $1,315 per s/f. The purchasers were Veracity Equities.

The six-story, 15,918 s/f walk-up building is comprised of two ground-floor commercial units and 34 residential apartments. Of the 34 units, 27 are free market and seven are subject to rent stabilization.

The building is currently under renovation due to a fire incident earlier this year. The opportunity to reposition both the retail and residential components resulted in tremendous upside for the investor.

Robert Burton, Cushman & Wakefield

“We received a great deal of interest in the property as investors rightfully saw the diamond in the making. We’re happy to have provided ownership with the best-fitting buyer who will take 59 Thompson to its full potential and capitalize on SoHo’s growth,” said Burton.

“With a well-defined set of objectives from the seller, we were able to profile and locate the best suited investor, and move the deal to contract within a month,” said Keegan Mehlhorn.

59 Thompson St. is located steps from SoHo’s premier shopping district and dining destinations like Dominique Ansel Bakery and Cipriani Downtown. It can be accessed via the C and E subway lines at Spring St. or the 1 subway line at Canal St.