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Flatiron building for sale

Cushman & Wakefield announced that the firm has been retained to market 18 East 23rd Street, a mixed-use building in the Flatiron District. The asking price is $14 million.

Vice Chairman John Ciraulo, along with Craig Waggner, Doug Blankrot, and Lou D. Magarelli are leading the marketing efforts on behalf of ownership.

“The property offers tremendous curb appeal given its prime location directly across the street from Madison Square Park and the MetLife Clocktower, and a stone’s throw from the Flatiron Building,” said Ciraulo.

The 9,400 s/f, five-story walkup building contains 16 free-market residential units, all of which are studios, and a restaurant on the ground floor. The four studios on the property’s top floor are duplexes featuring double height ceilings. On average, the building’s studios rent for $2,300 per month.

The ground floor is leased to CHOP’T Creative Salad Eatery for 4.5 more years at $175 per square foot in an area where surrounding rents have increased to well over $225 per foot.

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