Ciraulo and Emmetsberger of Cushman & Wakefield broker $6.9 million sale

Manhattan, NY A mixed-use building/development site at 157 West 24th St., located between Sixth and Seventh Aves. in the Chelsea neighborhood, was sold in an all-cash transaction valued at $6.9 million. The site measures approximately 20.83’ x 98.75’. Located in an M1-6 zoning district, the property benefits from 20,570 buildable s/f. The sale price equates to approximately $335 per buildable s/f. The building has retail on the ground with three floor-through apartments above. With approximately 4,207 s/f, the building sold for approximately $1,640 per s/f. The property is situated between Sixth and Seventh Aves., two of Chelsea’s main retail corridors, with nearby brands including Whole Foods, Hilton Hotels, and Four Points by Sheraton, David Barton Gym, and Planet Fitness. The site is also conveniently located between two 23rd St. subway stations, providing transit along the F, M, 1 and 2 lines. Additionally, Penn Station and Madison Square Garden are a short walk away. “The interest in this property was strong. We identified a buyer who had a unique perspective and will most likely redevelop the property,” said Cushman & Wakefield’s John Ciraulo, who exclusively handled this transaction with Brock Emmetsberger. The seller of the property was 157 West 24 Realty LLC, controlled by Ira Lifshutz a New York City investor. The successful merger of Cushman & Wakefield and DTZ closed September 1, 2015. The firm now operates under the iconic Cushman & Wakefield brand and has a new visual identity and logo that position the firm for the future and reflect its trusted global legacy and wider history. The new Cushman & Wakefield is led by Chairman & Chief Executive Officer Brett White and Global President Tod Lickerman. The company is majority owned by an investor group led by TPG, PAG, and OTPP