Cushman & Wakefield announced today that it has been appointed by Maiden Lane Development LLC to market the development site at 151-161 Maiden Lane, a premier waterfront site in Manhattan’s prestigious Financial District.
The property offers an investor the opportunity to develop 249,242 square feet with ultimate flexibility. 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. 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.
151-161 Maiden Lane spans an entire block and is bounded by Maiden Lane, South Street, Fletcher Street and Front Street. It is situated within a historic area that has already established itself as a prime tourist and entertainment destination. 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.
A Cushman & Wakefield New York Capital Markets team of Helen Hwang, Nat Rockett, Steve Kohn, Jared Kelso, John LiGreci and George Giannopoulos are marketing the site on behalf of Maiden Lane Development LLC.
“151-161 Maiden Lane offers the extremely rare opportunity to acquire a waterfront development site in Manhattan. The offering comes to the market at the perfect time to take advantage of the area’s dynamic resurgence and a booming residential market,” said Helen Hwang, Executive Vice President of Cushman & Wakefield’s New York Capital Markets Group.
“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,” said Vassilis (Bill) Kefalas of Maiden Lane Development LLC, which acquired the site at the end of 2010.
151-161 Maiden Lane provides the opportunity to develop a property with breathtaking views of the Brooklyn Bridge, East River, Hudson River and Downtown Manhattan skyline. Since 2002, the neighborhood has seen an influx of residents as more than 11 million square feet of office space was converted to residential. In addition, with the rebuilding of the World Trade Center area, Downtown will soon feature the city’s newest commercial stock and two major brand-new transportation hubs, which is expected to further attract more tenants, visitors and residents to the neighborhood.