Cushman & Wakefield announced its Manhattan investment sales teams have closed on a trio of trades valued at $31.94 million.
At 42, 44 and 46 East 21st Street, John Ciraulo, Craig Waggner, JP Will and Mike Kavanagh arranged the $17.4 million sale of three walkup mixed-use buildings totaling approximately 25,145 s/f on behalf of CGMT Hall Real Estate. Nick Judson of Judson CRE LLC represented the buyer, a high-net worth family based in Europe. The buildings (pictured top) include seven free market residential units, two rent stabilized units and eight commercial units.
At 633 Third Avenue, Josh Kuriloff, Craig Waggner, John Ciraulo, JP Will and Matthias Li represented the Partnership to End Addiction in the $10.74 million sale of an 18,680 s/f office condominium. Ira Schuman and Stephan Steiner of Savills represented the buyer, the Republic of Austria, in the transaction. Consisting of the entire 18th floor, the office space was delivered vacant and offered spectacular 360-degree views. This was the second floor the Cushman & Wakefield team sold in the building during the pandemic.
At 354 West 44th Street, John Ciraulo, Craig Waggner and Andrew Berry represented Matchmaker 44th Street LLC in the $3.8 million sale of a vacant five-story mixed-use building with a rear carriage house totaling approximately 8,000 s/f. Josh Einhorn of JEPartners Group LLC acquired the property which consists of a bar/restaurant with an office on the first and second floors plus three two-bedroom apartments above. The carriage house in the rear has two apartments. The property is located within the Special Clinton Historic District.
“These year-end sales provide a tremendous boost to an investment sales market that has been very volatile throughout the pandemic,” Ciraulo said.
“These sales are consistent with what we’re seeing across all of our listings where foreign investors and first-time buyers view this as a tremendous opportunity to enter the Manhattan market,” Waggner added. “These buyers plan to use this time to renovate and reposition the assets and they have a positive mid-to-long-term outlook. All three transactions had long-time owners and all cash buyers who signed contracts and closed within two weeks of contract signing.”