Ciraulo and Waggner of Cushmam & Wakefield broker $11 million sale; 6,800 s/f walkup consists of six residential units

 

 

Manhattan, NY According to Cushman & Wakefield, the firm has arranged the sale of 117 East 15th St., a five-story multi-tenanted brownstone in the Gramercy Park neighborhood, off Union Sq. The 6,800 s/f walkup building consists of six residential units, a live-work loft on the parlor floor and a restaurant on the ground floor and basement that was previously home to long-time neighborhood bar & nightclub, Belmont Lounge. The final closing price was $11 million.

Cushman & Wakefield vice chairman John Ciraulo led the marketing efforts with senior director Craig Waggner on behalf of the seller, Jacobson Group. The property was purchased by a foreign buyer operating under the name Three Sixty CC Inc, who was represented by Edward Kim and Alex Lee of KW Commercial.

“The property’s full occupancy, existing cash flow and ideal location just a half block from Union Sq. made it an excellent investment opportunity for the buyer,” said Ciraulo. 

Waggner said, “The property also came with approximately 7,184 s/f of unused air rights that can be utilized or transferred, or the entire building could be razed to make way for an approximately 13,984 s/f boutique development once the existing leases expire.”

117 East 15th St. is a 22.5’-wide walkup building located on the north side of tree-lined East 15th St. between Union Sq. East and Irving Place.

 The property features a parlor floor with 14’ ceilings and six residential apartments above, including three one-bedrooms, one two-bedroom and two studios. The two studios situated in the rear of the 4th and 5th floors could be extended out atop the extension from the floors below it to create larger two-bedrooms. Each apartment benefits from an abundance of light, high ceilings, hardwood floors, vintage detailing, large closets, original tin ceilings, exposed brick, decorative fireplaces, and prime location just steps away from multiple MTA subway lines.

Recent upgrades to 117 East 15th Street include a new boiler and updated electrical. The building sits directly across from Zeckendorf Towers which has a grocery store, pharmacy, parking garage and dry cleaners and is nearby many movie theaters, restaurants, gourmet food markets, designer boutiques, home furnishing stores and big box retailers. The property is situated within the C6-2A (R8A) zoning district which allows for residential, commercial, hotel or community facility uses.