Craftwood Partners bought a 50-foot wide development site in Manhattan’s East Village neighborhood in a $12m deal. The site includes a commercial building that houses offices, a meeting area and a large theatrical studio with 20-foot high ceilings.The building has approximately 4,500 sq ft on the ground floor, 850 sq ft on the mezzanine level and 800 sq ft in the basement as well as approximately 21,000 of total buildable sq ft. Recently, the fire alarm, sprinkler and electrical systems have been upgraded. Cushman & Wakefield represented the seller, Third Street Theater LLC, in the transaction.
“This property presents tremendous potential in its current configuration or as an ideal development opportunity,” said Michael DeCheser of Cushman & Wakefield. “Considering the uniqueness of the building and the neighborhood’s rapid transformation, the buyer will have countless options moving forward.”
