A mixed-use building at 23 East 17th Street, located between Fifth Avenue and Broadway in Manhattan’s Ladies’ Mile Historic District, was sold in an all-cash transaction valued at $13,250,000.
The six-story, elevator-serviced building contains approximately 10,998 square feet and sits on an irregularly shaped 25’ x 76.17’ lot. Built in 1902 in the neo-renaissance style, it consists of two retail stores on the ground floor, one commercial/retail space on the second floor occupied by Paragon Sports, and four floor-through apartments above that were all delivered vacant. The sale price equates to approximately $1,205 per square foot.
The property is ideally located right off of Broadway and just steps from Union Square, one of New York City’s most iconic gathering points. The area boasts high resident, employee, and student populations, creating a thriving cultural, business, and education hub.
“This sale represents the strong appetite for investment properties in prime locations throughout New York City. We were very pleased with the overwhelming response and demand for this quality asset that doesn’t become available very often near Union Square,” said Cushman & Wakefield’s Thomas D. Gammino, Jr., who exclusively handled this transaction with John Ciraulo and Craig Waggner. “The main driver here was the strong retail corridor where values have skyrocketed for retail space in and around Union Square. Specifically, 17th Street provides that major pedestrian artery from Fifth Avenue and every major subway line to Union Square where numerous eateries and bars have opened recently,” added John Ciraulo.
Click here for press release.
Neighborhoods: Union Square/ Agents: John Ciraulo