New York City mixed-use building sells for $5.95 million
JLL Capital Markets arranges sale of 98 Forsyth St. in Manhattan’s Lower East Side neighborhood
NEW YORK, September 13, 2021 — JLL Capital Markets announced today that it has closed the $5.95 million sale of 98 Forsyth St., a 15-348-square-foot mixed-use property with ground-floor retail in New York City’s Lower East Side neighborhood.
JLL marketed the mixed-use property on behalf of the seller, Harris Levy. Sang Kung Co. acquired the building.
Located between Grand and Broome streets, 98 Forsyth St. contains four residential units, three commercial spaces and retail on the ground floor and basement. Originally constructed around 1900, the building had been owned and operated by the same family for over 50 years. Much of the building’s original detail, including tin ceilings, marble base moldings, a large wooden entranceway and a gated manual elevator, has been preserved. The property is easily accessible via the Grand Street subway station, which is serviced by the B and D lines, offering convenient transit options.
The property features ceiling heights ranging from a low of nine feet high in the basement to heights of more than 11 feet and 13 feet on the upper floors. The building, which boasts ample light from windows on all four sides, stands on a 26-foot-wide lot directly across from Sara Roosevelt Park.
The JLL Capital Markets team representing the seller was led by Managing Directors Hall Oster, Teddy Galligan and Guthrie Garvin; Directors, Braedon Gait, Jack Norton and Solomon Michailow.
“This is a unique and historic property, and new ownership will benefit from the dynamic location, flexible zoning, multiple floors of usable space, ample light and air, accessible transportation and multiple repositioning options,” Oster said.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers best-in-class solutions for clients — whether investment sales and advisory services, debt advisory and equity advisory expertise or a recapitalization assistance. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.