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Avison Young brings South Street Seaport’s 241 Water Street to market for $28 million
February 7, 2023
New York, NY – Avison Young has been exclusively retained sell 241 Water Street, a 31,844-square-foot (sf) property located in the South Street Seaport historic district. The property, which is listed for $28 million, is currently occupied by the Blue School, a K-8 school founded by the Blue Man Group, who are vacating at the close of the current school term.
The seller, 241 Water Street Holdings LLC, is represented by Ed Nelson, Senior Associate; James Nelson, Principal and Head of Tri-State Investment Sales; Alexandra Marolda, Associate Director; and Kyle Sabath, Associate, all based in Avison Young’s New York City office. “The property sits directly across from new neighborhood developments and conversions, which are transforming the South Street Seaport historic district into a destination for families and businesses as more people live, work, and play in the neighborhood than ever before,” said [Ed] Nelson. “We are excited about the opportunity to bring this turn-key property to market in this sought-after location.”
The six-story elevator building benefits from 100’ of frontage along Water Street, and the site allows for a total of 44,987-buildable-sf (bsf) for residential and 44,838-bsf for community facility space. The property will be delivered fully vacant. Avison Young has also been named as the exclusive listing agent for 233 Water Street, the building directly adjacent to 241 Water Street and also currently occupied by The Blue School. “The landlord is and has been a long-time supporter and benefactor of The Blue School and in view of their departure has decided to exit at the same time,” said a representative for the seller.
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