The New York Capital Markets Group for Avison Young has been named the exclusive agent for the sale of 34 Union Square East, a corner development site offering up to 26,000 buildable square feet in the Union Square neighborhood of Manhattan. The site has an asking price of $32 million, and would be ideal for a mixed-use condominium/retail or boutique office/retail development.
Avison Young Principals James Nelson and Todd Korren secured the assignment, while an Avison Young team comprised of Principals Nelson and Charles Kingsley, alongside Associate Toku Saito, will market the site.
The property is the 50th exclusive that Nelson and his team have signed since joining Avison Young in February.
“Given its potential for development and prime location in the Union Square area, we are expecting high interest in this site from a variety of investors,” notes Nelson.
New condominium projects in the area include 15 Union Square West where units are selling for an average $2,788 per square foot, 100 University Place where units are selling for an average of $2,936 per square foot, and 45 East 22nd Street where units are selling for an average $3,300 per square foot.
Featuring 26 feet of frontage on Union Square East and over 125 feet of frontage on East 16th Street, 34 Union Square East is an exceptional location for retail. Asking retail rents surrounding Union Square Park range from $232 to $445 per square foot. The site currently holds a 6,500 square-foot building that was formerly a TGIF restaurant.
The property is situated in Union Square, one of the most popular neighborhoods in New York City, and directly across from Union Square Park, a pedestrian plaza which attracts a diverse mix of users including students and professionals. The neighborhood is home to more than 75,000 residents, 140,000 employees and 60,000 students, and attracts over 344,000 pedestrians daily.
The area is bustling with high-rise apartments, big-name chain stores such as Trader Joe’s, Best Buy, and Whole Foods, as well as many modern restaurants, shops, hotels. Likewise, the park is also known for its long-running and world-famous Union Square Greenmarket, a popular outdoor produce market serving the area and New Yorkers for over 40 years. In addition, the Union Square Tech Training Center, a 240,000-square-foot new development, is being planned to replace P.C. Richards at 124 East 14th Street.
The Union Square area includes several mass transit options including many bus routes and the 4, 5, 6, L, N, Q, R, and W subway lines. In addition, the property is within walking distance of other popular downtown neighborhoods including NoHo, Gramercy Park, Greenwich Village, Chelsea and the East Village.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,600 real estate professionals in 84 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial multi-family and hospitality properties.
