Arani Bose Acquires Mixed-Use Property On Lower East Side For $5.4M

A mixed-use property located at 48 Clinton Street in the Lower East Side of New York City has been sold for $5,400,000. The property spans 10,000 square feet and has a price per square foot of $540. The transaction took place on December 13, 2018. The seller of the property is the Blue Man Group, while the buyer is Arani Bose.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $5,400,000
• Address: 48 Clinton Street
• Market: Lower East Side
• BSF: 10,000 square feet
• PPBSF: $540
• Seller: Blue Man Group
• Buyer: Arani Bose

The sale was facilitated by the brokers Michael DeCheser, Mei Ling Wong, Andrew Berry, and Bryan Hurley from CushWake. This transaction marks the first Manhattan Opportunity Zone property purchased by a qualified opportunity fund. The buyer will be able to take advantage of tax benefits introduced in the Tax Cuts and Jobs Act of 2017. As a result, buyers are expected to pursue more Opportunity Zone deals in 2019, aiming to benefit from a 15% discount on capital gains used to purchase such properties. For further inquiries regarding Opportunity Zones, please reach out to Team Decheser.