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Donovan LLP Represents Blue Man Group in Opportunity Zone Sale


The Blue Man Group and 48 Clinton Street on the Lower East Side (credit: Wikimedia Commons, Google Maps)

Originally published in The Real Deal

Written By Rich Bockmann


The Blue Man Group jumped at the opportunity to make some green.


The performance-art group is selling its Lower East Side building for $5.4 million, which will be the first Manhattan property sold into a qualified opportunity zone fund, the New York Post reported.


The small mixed-use building at 48 Clinton Street spans 5,467 square feet, and has development rights that could push the buildable space up to 10,120 square feet.


The buyer is Dr. Arani Bose, who co-founded the medical device company Penumbra.


“We put up a sign in September and the buyer was walking by and called off [of] the sign,” said Cushman & Wakefield’s Michael DeCheser, who marketed the property with his colleagues Patrick Dugan, Mei Ling Wong, Andrew T. Berry and Bryan Hurley.


The building hit the market last year asking $7.2 million.


Bryan P. McCrossen, Esq. and Michael Parachini, Esq. of Donovan LLP represented The Blue Man Group in connection with this sale.

© 2019 Donovan LLP