Cushman & Wakefield appointed to market East Village redevelopment opportunity

Cushman & Wakefield has been exclusively appointed by the Estate of Walter De Maria to market 419-421 East 6th St. in the East Village neighborhood. The offering includes a 16,400 s/f loft-style building and an adjacent vacant lot. It offers approximately 15,400 s/f of additional air rights, or a combined total buildable area of nearly 32,000 s/f of FAR for residential and/or community use. The existing 16,400 s/f loft building can also accommodate commercial use. The existing building at 421 East 6th St. is a four-story 16,400 s/f building originally constructed in 1920 as a Con Edison substation. The existing building possesses the classic industrial feel of an artist's loft, with minimal interior finishes, exposed brick and vast ceiling heights, up to 32 ft. on certain floors. The offering includes the adjacent, unimproved parcel at 419 East 6th St., when combined provides a total lot size of 7,950 s/f. The site's ample foot print allows for the potential for scarce city amenities like private outdoor space and on-site parking. Since 1980, the property has served as the live/work studio of the late Walter De Maria, one of the most celebrated artists of the 20th century. Walter De Maria was an American sculptor whose multiple achievements over a 50-year career helped give rise to Minimal, conceptual, installation and land art. His monumental work can be found on display throughout the world. Many of the artist's finest works were conceived and created at 421 East 6th St. The property is located within the East Village Historic District, and at 85 ft. tall, the building offers expansive views of the surrounding area and New York City skyline, including the Empire State Building and the Williamsburg Bridge. The through-block footprint stretches to East 7th Street, which has a separate private entrance. The available land and development rights, coupled with the coveted loft feel and spectacular ceiling heights, provide a multitude of options. The property could be used for a range of commercial uses, or be redeveloped for residential use, either as a single-family home, exclusive condos or a mix of both with the ability to develop multiple, brand-new townhouses on the vacant land. A Cushman & Wakefield New York Capital Markets team of Helen Hwang, Nat Rockett, Karen Wiedenmann, Carri Lyon and John LiGreci are marketing the property. "This property has been a hidden gem known largely only to East Village area residents for years," said Hwang, executive vice president at Cushman & Wakefield. "The building's unique history and industrial design, along with the additional available air rights, make this one of the most exciting redevelopment or rare loft dream home conversion opportunities to come to the area in some time."