New York, NY – August 14, 2019 – Cushman & Wakefield announced today that the real estate services firm has arranged the sale of 3 East 44thStreet, a 14,175-square-foot office property in the Midtown East neighborhood of Manhattan. The final closing price was $15,300,000, equating to approximately $1,079 per square foot.
Cushman & Wakefield’s Will Conrad and Rob Shapiro represented the sellers, Bernstein Real Estate and NYC Associates LLC, in this transaction. The building was purchased by the Bill Blass Group.
“Our sale at 3 East 44th Street is another example of a user group paying a significant premium to own and operate their own real estate,” said Will Conrad of Cushman & Wakefield. “This foreign purchaser’s investment is proof that global capital is still committed to Midtown Manhattan as the epicenter of global corporations, fine dining and culture. The construction of One Vanderbilt and the Midtown East Rezoning will continue to attract investment to Midtown from local and foreign buyers alike.”
The office space at 3 East 44th Street sits between Fifth and Madison Avenues just steps from Grand Central and is within close proximity to five different subway stations, commuter rail and bus offerings.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
