WD-50 Development Site on Clinton Street Sells for Record Setting $28M
Posted on: September 8th, 2014 at 5:34 am by Elie
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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.
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