Fulton Market Building Owner Hopes to Cash-In While Area Construction Boom Rolls On

Posted by Leo Clark. on Friday, August 5th, 2022 at 8:04am.

Fulton Market Building Owner Looking to Cash InAs developers and investors set their sights on Fulton Market, at least one building owner is hoping to cash-in. A single-story property at 941-945 W Lake Street just went on the market.

While there’s no official list price, some expect the building could get bids close to $15 million. The existing owner, also a real estate investor, paid just $2.3 million for the same property 10 years ago.

Of course, that was about six months before Google announced it was moving in. That announcement helped boost property values in the neighborhood to some of the highest in the city, as new trendy restaurants and hotels moved in.

The property is right at the heart of Fulton Market and is considered to be one of just a handful of remaining redevelopment sites. It is currently surrounded by other existing or proposed projects.

The building is currently being leased to a product design and engineering firm for five years. It’s likely a new owner would purchase it for its current use, then eventually have the opportunity to redevelop it.

While currently the building is 15,000 square feet, a new buyer could choose to redevelop the site into a building with up to 173,000 square feet. The largest remaining site for development in Fulton Market sits about two-blocks away. Earlier this year there was talk of a new buyer in negotiations to purchase it.

Photo: Google Streetview

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