NEW YORK – Cushman & Wakefield announced today that it represented Maiden Lane LLC in the sale of 151-161 Maiden Lane to Fortis Property Group for $64 million or $257 per buildable-square-foot (bsf).
“We were very pleased with the results of the sale,” said Vassilis (Bill) Kefalas of Maiden Lane Development LLC. “When we acquired the site at the end of 2010, there was little sale or development activity downtown, but we saw greatpotential. The price is a testament to a reinvigorated lower Manhattan and the unique aspects of the site. This investment exceeded all of our return expectations given the short window that we had to deploy our capital. We wish Fortis well in its development of what should be a wonderful addition to the lower Manhattan skyline.”
A Cushman & Wakefield New York Capital Markets team of Helen Hwang, Nat Rockett, Steve Kohn, Jared Kelso and John LiGreci, along with Bruce Mosler, Chairman of Globaland George Giannopoulos, Senior Associate, represented Maiden Lane Development LLC in the sale.
“151-161 Maiden Lane is an irreplaceable waterfront location, spanning an entire block just south of the dynamic South Street Seaport redevelopment project that allows a developer to build a substantial mixed-use project with spectacular views,” said Hwang, a Cushman & Wakefield Executive Vice President.”
151-161 Maiden Lane is a premier waterfront site that spans an entire block and is bounded by Maiden Lane, South Street, Fletcher Street and Front Street. The property allows Fortis Property Group the opportunity to develop a mixed-use, 249,242 square foot building, with up to 138,468 square feet for residential use and the remaining 110,774 square feet for commercial/hotel use or 249,242 square feet for full commercial/hotel use. Additionally, the site is comprised of two contiguous lots, has no height restrictions and allows for theof a single mixed-use tower or two individual developments.
151-161 Maiden Lane is situated within a historic area that has already established itself as a prime tourist and entertainment destination. The area is poised for additional growth as a result of billions of dollars in capital improvements to revitalize the neighborhood including the redevelopment of the dynamic Pier 17 South Street Seaport, which is scheduled to begin construction in the fall, and the completion of the Fulton Street Transportation Hub. Since 2002, the neighborhood has seen an influx of residents as more than 11 million square feet of office space was converted to residential. In addition, with the rebuilding of the World Trade Center area, Downtown will soon feature two major brand-new transportation hubs, which is expected to further attract more tenants, visitors and residents to the neighborhood.