Blue Man Group sees green in Opp Zone

Investor buys Lower East Side building for $5.4M

New York Weekend Edition /
Dec.December 23, 2018 11:00 AM

The Blue Man Group and 48 Clinton Street on the Lower East Side (credit: Wikimedia Commons, Google Maps)

The Blue Man Group jumped at the opportunity to make some green.

The performance-art group is selling its Lower East Side building for $5.4 million, which will be the first Manhattan property sold into a qualified opportunity zone fund, the New York Post reported.

The small mixed-use building at 48 Clinton Street spans 5,467 square feet, and has development rights that could push the buildable space up to 10,120 square feet.

The buyer is Dr. Arani Bose, who co-founded the medical device company Penumbra.

“We put up a sign in September and the buyer was walking by and called off [of] the sign,” said Cushman & Wakefield’s Michael DeCheser, who marketed the property with his colleagues Patrick Dugan, Mei Ling Wong, Andrew T. Berry and Bryan Hurley.

The building hit the market last year asking $7.2 million. [NYP] — Rich Bockmann


Related Articles

arrow_forward_ios
Census tract 135 and Stellar Management's Larry Gluck (Credit: Getty Images and Stellar Management)
How a small stretch of land on the Far West Side became an Opportunity Zone
How a small stretch of land on the Far West Side became an Opportunity Zone
CrowdStreet CEO Tore Steen and vice president Darren Powderly (Credit: CrowdStreet and iStock)
Crowdfunding platform launches $20M Opportunity Zone fund
Crowdfunding platform launches $20M Opportunity Zone fund
From left: New York Governor Andrew Cuomo, New York State senator James Sanders Jr., and New York City Mayor Bill de Blasio (Credit: Getty Images, iStock, and NY Senate)
“This program will either be a boom or a bust:” State senator has plans to redesign Opportunity Zones
“This program will either be a boom or a bust:” State senator has plans to redesign Opportunity Zones
The Centre at Purchase at 1, 2, 3, 4 Manhattanville Road with George Comfort & Sons CEO Peter Duncan (George Comfort & Sons)
Westchester office park owned by George Comfort & Sons slated for auction
Westchester office park owned by George Comfort & Sons slated for auction
Attorney General Letitia James and A&E Real Estate CEO James Patchett (Getty, iStock)
A&E pays just $510K in lead-paint settlement
A&E pays just $510K in lead-paint settlement
Seeding from recapitalization of 25 health care properties
KKR, Cornerstone in $1B JV to develop health care facilities
KKR, Cornerstone in $1B JV to develop health care facilities
The Broadway location of Halloween Adventure (Facebook via New York Costumes / Halloween Adventure)
Halloween Adventure to vacate East Village home as retail condo hits market
Halloween Adventure to vacate East Village home as retail condo hits market
Bluerock Residential CEO Robert Ramin Kamfar (Owler)
NY-based multifamily REIT Bluerock explores sale
NY-based multifamily REIT Bluerock explores sale
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...