Suede and Soyak of Cushman & Wakefield arranges $24.5 million sale for Churchill R.E. Holdings

New York, NY Cushman & Wakefield arranged the sale of 257 Water St., also known as 23 Peck Slip, a 27-522 s/f mixed-use building located in the Seaport District. The final sale price was $24.5 million, equating to $890 per s/f.

A Cushman & Wakefield team of Maurice Suede and Daniel Soyak represented the seller, Churchill Real Estate Holdings. The buyer was represented by Julian Kiguel of REDA Holdings.

“257 Water St. offered investors the opportunity to acquire a fully free market mixed-use elevator building located on an attractive corner in the Seaport District,” said Suede. “The property is nearly fully occupied and new ownership can capitalize on the quickly-recovering rental market.”

257 Water St. is a corner mixed-use building located in the South St. Seaport District. The property consists of two conjoined buildings that total 27,522 s/f with 20 free-market residential units and two commercial units. One of the commercial spaces is occupied by Mark Joseph Steakhouse, a long-term tenant of the building.

257 Water St. features views of the Financial District and East River. The asset is close to the Fulton St. subway station and is surrounded by a multitude of retail options.

Additionally, Cushman & Wakefield arranged the sale of a 14,654 s/f mixed-use asset located at 14 Maiden Ln. in the Financial District. The final sale price was $9.5 million.

Suede and Soyak represented the seller, Michele Kahn (as receiver) with Cushman & Wakefield’s Michael DeCheser and Bryan Hurley. The property was acquired by Duane 131, LLC.

“14 Maiden Ln. offered investors the opportunity to acquire a mixed-use elevator loft building in a convenient location,” said DeCheser. “We saw significant interest in this property, leading to multiple qualified buyers vying for the asset. Ultimately, an international group prevailed.”

14 Maiden Ln. is a ten-unit, mixed-use, elevator loft building. The ground floor features commercial space, while floors two through ten consist of nine loft-style apartments.

The property is located within walking distance to the Fulton Street subway station serviced by the A, C, J, Z, 2, 3, 4 and 5 trains.