Ciraulo, Waggner, Blankrot and Magarelli of Cushman & Wakefield broker $13.25 million sale

 

 

 

 

Manhattan, NY Cushman & Wakefield has arranged the sale of 976 Avenue of the Americas, a fully-leased, three-story retail building located in the Midtown area. The final closing price was $13.25 million.

A Cushman & Wakefield brokerage team led by vice chairman John Ciraulo and senior director Craig Waggner, who lead mid-market investment sales in the Midtown territory, led the marketing efforts on behalf of the seller along with Doug Blankrot and Lou Magarelli.

“Just steps away from Bryant Park and Herald Square this corner retail building offers the buyer a great opportunity to acquire a fully leased building with significant upside in the ground floor rent in a highly visited area of Manhattan,” said Ciraulo. 

“With the ability to have the building vacant by virtue of in-place buyouts and early termination notices the purchaser has the flexibility to either occupy the building for their own use or redevelop it and capitalize on an avenue that has very few development opportunities,” said Waggner.

Located on the southeast corner of Avenue of the Americas and West 36th St., the site is currently improved with a three-story retail building with a tenant occupying each of the three floors. The tenants include 5 Boro Burger on the ground, a nail salon on the second floor and Red Rocket Tattoo on the third floor. The property is located in the C6-6/MID (R10 Equivalent) zoning district which allows flexibility for residential, office, hotel, community facility and retail use.

The property benefits from superior access to public transportation, shopping, and many tourist attractions including the nearby Empire State Building, Bryant Park and Times Square. The property is located near the 34th Street – Penn Station subway and the Times Square – 42nd Street station.