New York

CBRE Named Exclusive Sales Agent for a Commercial Condominium Space at 543 West 42nd Street in Midtown West

Well-Maintained Asset Perfect for Arts, Educational Use or Conversion to Retail or Medical Facility

06 Jun 2022

543 West 42nd Street

CBRE today announced it has been retained to spearhead the marketing and sale of the commercial portion of 543 West 42nd Street, a purpose-built performing arts space in the heart of Midtown West.

The nearly 44,000 sq. ft. facility has been meticulously maintained and renovated by the All Stars Project (ASP), a grassroots philanthropic organization providing leading-edge performance-based development programs for youth from poor and underserved communities, and is ready for immediate occupancy by an educational or performing arts organization. It can also be repurposed into a state-of-the-art medical facility or retail asset, among other uses.

Daniel Kaplan, Justin Arzi and Timothy Sheehan of CBRE are leading the marketing and sales efforts for the owners.

“Turnkey, purpose-built performing arts facilities in one of Manhattan’s fastest growing submarkets – delivered vacant and unencumbered by existing tenancy – are extremely rare,” said Mr. Kaplan of CBRE. “Rising land values and construction costs make this offering truly impossible to replicate. The asset is in impeccable condition and has been immaculately maintained by its current ownership.”

The space has long been an integral part of the fabric of New York City with an impressive and unique history – first as an armory, then as a raw space for theatre rehearsals and performances prior to it becoming the ASP’s performing arts and development center nearly 20 years ago. The property features 150 feet of frontage along 42nd Street and underwent a significant renovation under ASP’s stewardship, adding a new HVAC system and replacing the entire storefront, adding windows to add in natural light.

The property currently includes three theatres, rehearsal rooms and a variety of office and meeting spaces. The asset’s adjacency to Theater Row provides a significant geographic benefit for both nonprofit and commercial performing arts occupiers. The 21,000 sq. ft. floorplates allow for a hyper efficient “horizontal campus” as opposed to the multi-story educational and community facilities constructed today.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.