WD-50 Development Site on Clinton Street Sells for Record Setting $28M

Posted on: September 8th, 2014 at 5:34 am by
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Before 50-62 Clinton Street hit the open market two months ago, owner developer ICON Realty Management drew up plans with Issac & Stern for a new seven-story (74 feet) residential building. That proposal is very much still alive, thanks to the sale of the low-rise strip of retail. And a record one, at that.

Massey Knakal brokerage held onto the embattled development site for months, peddling the property for a whopping $28.95 million. Well, the realtors got their ask.

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Broker for the stars Fredrik Eklund giddily revealed on his Instagram page that the site netted the $28 million, a record price for these parts. $700 per square-foot, to be precise. If his post is gospel, then this hulk of masonry will indeed rise here. Check it:

SOLD! $28M… which is a record per sqft for the Lower East Side. I have been working on this almost 40-unit development site, 50 Clinton Street, for over a year, perfecting the layouts, unit mix, the finishes, all of it, when my developer Icon decided to sell… So we quickly found them a buyer, and sold the entire site at $28M, contracts got signed today. Now, the best part is we get to keep the building and bring all the beautiful residences to the market in the Spring.

This predatory development site spelled the end of a half-dozen mom-and-pops that operated in these one-story stores. Most high-profile of the closures, and final holdout, is Wylie Dufresne’s WD-50. Closing date is set for November. Fair warning.

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