NEW YORK CITY-Cushman & Wakefield announced Tuesday that it has been appointed by Maiden Lane Development LLC to market the 249,242-square-foot development site at 151-161 Maiden Lane, in the Downtown sub-market.
A developer could construct a mixed-use project, 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, the announcement suggests. Additionally, the site is comprised of two contiguous lots, has no height restrictions and allows a developer the choice of either a single mixed-use tower or two individual developments, according to Cushman.
The parcel spans an entire block and is bounded by Maiden Lane, South Street, Fletcher Street and Front Street. 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, the announcement notes.
?A Cushman & Wakefield New York Capital Markets team of Helen Hwang, EVP, Nat Rockett, EVP, Steve Kohn, president, Jared Kelso, director, George Giannopoulos, senior associate and John LiGreci, associate, are marketing the site.
When asked why MLD is selling off the asset, a Cushman spokesman told GlobeSt.com that Hwang has previously stated, simply, “it's a good market.”
Adds Vassilis (Bill) Kefalas of MLD, in the release, “This is a very unique site, and we have been impressed with the increased energy of the neighborhood in just our short period of ownership." The company acquired the site at the end of 2010. The space offers views of the Brooklyn Bridge, East River, Hudson River and Downtown Manhattan skyline.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
