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
WeWork CEO Sandeep Mathrani (Getty Images, WeWork)
WeWork stock has taken a WeDive. Will it resurface?
WeWork stock has taken a WeDive. Will it resurface?
Cartier's Cyrille Vigneron and 653 Fifth Avenue (Cartier, Linkedin, Getty)
Cartier betting on appetite for luxury with US retail expansion
Cartier betting on appetite for luxury with US retail expansion
Gale Brewer (Getty, Gale Brewer)
City takes aim at landlords’ empty retail space
City takes aim at landlords’ empty retail space
SL Green chairman Marc Holliday and One Madison Avenue (Getty Images, SL Green Realty Corp)
Franklin Templeton takes 347K sf at SL Green’s One Madison Avenue
Franklin Templeton takes 347K sf at SL Green’s One Madison Avenue
Leslie Alexander with 1117 Main Road in Riverhead (top) and 2045 Sound Avenue in Mattituck (Getty, Compass)
Leslie Alexander lists pair of North Fork properties with development rights
Leslie Alexander lists pair of North Fork properties with development rights
arrow_forward_ios

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

Loading...