Matthews™ Facilitates $15.25 Sale of Residential Conversion Opportunity in New York

NEW YORK, NY— Matthews™, a commercial real estate investment services and technology firm, completed the sale of a 5-story mixed-use building, located at 158 Lafayette Street in New York, New York. Matthews™ Executive Vice Presidents Stephen Dadourian & Brock Emmetsberger and Associate Matthew Gavin represented the seller in the $15,250,000 transaction.

 

Located within the SoHo Cast Iron District, the 19,873-square-foot, five-story building is supported by R10 zoning and a flexible mixed-use layout and features approximately 125 feet of wraparound frontage. Originally built in 1915 and renovated in 2017, the fully-vacant property is optimally positioned for residential or condo conversion.

 

The Matthews™ agents created a competitive bidding environment, conducting over 33 tours and generating over 16 offers from a wide range of buyers, including ground-up developers, value-add investors, and owner-users. The property was ultimately acquired by a local developer drawn to the asset’s strong visibility in one of Manhattan’s most sought-after neighborhoods.

 

“Even in a selective investment environment, buyers continue to pursue opportunities that offer meaningful upside in premier urban locations,” Dadourian said. “In Manhattan, especially, well-located repositioning opportunities continue to attract strong interest when the path forward is clear, and the underlying fundamentals are compelling.”

 

For more information, please contact Stephen Dadourian, Brock Emmetsberger, and Matthew Gavin or visit www.matthews.com.