Chick-fil-a’s Largest NYC Outpost Trades for $38M
The 5-story, approximately 12,000-square-foot retail building located in Lower Manhattan adjacent to the Fulton Transit Hub has traded for $38 million, or about $3,140 per square foot. Seller Crown Acquisitions had acquired the 3-story, 8,071-square-foot property in 2015 for $25 million, securing a $19 million loan from Singapore-based lender United Overseas Bank to close on the transaction. Reports at the time indicated that the building offered over 45,000 buildable square feet of potential redevelopment. In 2016, fast food chain Chick-fil-a leased the building in its entirety under a term that runs through 2038; and in 2017 began buildout construction at the property that now features a rooftop terrace, a skylight, floor-to-ceiling windows, and spreads across 5-stories totaling 12,000 square feet — three floors for dining and two for food preparation, creating the franchisee-run brand’s largest outpost in the city.