May 16, 2019 Comments (0) Views: 76 Downtown New York, New York News

Nonprofit Sells LES Building for Resi Development

66 Clinton St. and an adjacent land parcel on the Lower East Side have traded for $8.7 million. The three-story, 4,340-square-foot building and vacant lot were purchased by Vault Development and TLM Equities, which plan to develop a boutique residential property.

CBRE’s Daniel Kaplan and Justin Arzi represented the seller, New Life of New York City, a Lower East Side nonprofit youth engagement organization.

“The property at 66 Clinton and adjacent empty land parcel can accommodate a new 16,348-square-foot residential property in a neighborhood that has been experiencing tremendous pent-up demand for high-end residential space,” said Kaplan. “The sale allows our client the opportunity to better serve kids throughout the city.”

For New Life, the sale marks a transition to a partnership model with other local organizations to lease its activity and office space, rather than owning real estate. Latham & Watkins also assisted New Life in the sale process.

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