NGKF Capital Markets is pleased to announce it has been retained as the exclusive broker for the sale of 16 East 16th Street. The 39,345-square-foot building is in a prime location in the Flatiron District, between Union Square and Fifth Avenue. NGKF Senior Managing Directors David Noonan and Jennifer Schwartzman will represent the seller, Family Life Ventures, Corp., in the sale, working with the seller’s legal counsel, Joshua Stein PLLC.
Currently occupied by a health center, the property is a historic building with an oversize rear yard and substantial unused development rights potential. The building, which will be delivered entirely vacant, presents opportunities to be redeveloped for office, retail or residential uses. The property offers over 50 feet of frontage along East 16th Street, a 100-year-old stone façade, high ceilings and large windows.
A number of new developments in the immediate area have invigorated the landmarked neighborhood. The property offers convenient access to some of the city’s top restaurants, exciting entertainment, New York University, Union Square Park and the Union Square subway station, which connects to the 4, 5, 6, N, Q, R and L trains.
“Investors continue to value Manhattan assets with historic character,” said Noonan. “This is an opportunity for a thoughtful developer or user to create something truly special.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.