Hubb NYC has picked up a mixed use building in New York City’s Lower East Side for $24,550,000. Built in 2004, the 29,600 sqf elevator building stands eight stories tall and traded for just under $830 per sqf. 99 Suffolk Street is comprised primarily of one-bedroom units (30), along with some studios, 2-bedroom units and ground floor retail space. The sale was handled exclusively by Cushman & Wakefield. “There is very low stock of newer elevator buildings in the Lower East Side. Needless to say, we had no shortage of interested buyers who saw the property’s upside potential of rents in the near term,” said Michael DeCheser, executive director Cushman & Wakefield. “Ultimately, the highest and best buyer prevailed to everyone’s benefit.”
