NEW YORK CITY (Aug. 4, 2016) – Ten-X, the nation’s leading online real estate marketplace, today announces the upcoming sale of 30 Thompson Street, a boutique development site in the heart of Manhattan’s iconic SoHo neighborhood. The offering is being brought to market in a joint effort by James Nelson and Robert Burton of Cushman & Wakefield and Pierre Bonan of Ten-X and will be sold in a Live Bid event with an Aug. 24 bid deadline and an opening bid set at $4 million.
The property is currently improved by a single story garage that will be delivered vacant. There are preliminary plans to develop an eight-story, 113-foot condo building featuring an automatic parking system. Renderings prepared by renowned architect Marco Marcellini depict a fitting example. As the site sits in an M1-5B zone, a future owner must obtain BSA approval for a residential variance in order to build residential condominiums. Alternatively, a future owner can build live-work units under the current zoning. The site was purchased by the seller, a private investor, in June 2015.
“30 Thompson Street presents a unique opportunity for buyers to invest in a prime location in Lower Manhattan with a curb cut on a fast-growing, highly desirable city block,” said Ten-X Commercial Real Estate Division General Manager Gordon Smith. “We know that this site, located in one of the city’s hottest and most iconic neighborhoods, will have appeal to developers and investors not only across New York but across the U.S.”
The site is surrounded by a diverse mix of nightlife, shopping, restaurants, including The James and SoHo Grand hotels. Less than two blocks away, the newly developed 10 Sullivan Street is commanding an average of over $3,000 per square foot, and the penthouse unit has an asking price of more than $5,300 per square foot.
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About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Ten-X is the nation’s leading online real estate transaction marketplace and the parent to Ten-X Homes, Ten-X Commercial and Auction.com. To date, the company has sold 200,000+ residential and commercial properties totaling nearly $39 billion. Leveraging desktop and mobile technology, Ten-X allows people to safely and easily complete real estate transactions online. Ten-X is headquartered in Irvine and Silicon Valley, Calif., and has offices in key markets nationwide. Investors in the company include Google Capital and Stone Point Capital. For more information, visit Ten-X.com.