Former NYC Headquarters of The Wing Fetches a Whopping $18.95M in Recent Sale

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The Manhattan building that served as the Wing’s headquarters has been sold for $18.95 million, The Post has learned. The Wing was a popular coworking and social space for women that was shuttered by its parent company IWG approximately one year ago. Co-finance sold the three-story structure at 137 Second Avenue in the East Village to an unidentified buyer listed as 137 Second Avenue Holdings, LLC.  The Wing had entirely leased the property in 2019 for a high $60s per square foot.

The approximately 15,000-square-foot property was listed for $22.5 million in March. According to city finance records, the newly minted vendor purchased the building for $18 million in 2019. The Wing’s lease was signed before that transaction.

Hunter Moss, Michael DeCheser, and Bryan Hurley of Cushman & Wakefield represented Cofinance in the transaction. Paul Wolf, Christopher Turner, and Kate Hrobsky of Denham Wolf were unresponsive to a request for comment regarding the buyer’s representation. Aside from the Wing’s history there, which launched to much fanfare in 2016 in Manhattan — with its co-founders Audrey Gelman (a childhood friend of Lena Dunham) and Lauren Kassan gaining prominence the building itself is a spectacular find.

Moss said in a statement that Cushman & Wakefield was able to find multiple buyers for this property, culminating in a remarkable sale price. This property has a storied past, and we are confident that its legacy will continue to flourish under new stewardship. According to marketing materials, it was designed in a modified neo-Italian Renaissance style by the German-born architect William Schickel in 1884 when it served as the Stuyvesant Polyclinic and the Cabrini Medical Center. 

The property was designated a municipal landmark in 1976 and features a Philadelphia pressed brick and terra cotta façade, according to marketing materials. The façade is adorned with four original busts, including one of the ancient Greek physician Hippocrates. Under the building’s cornice are five busts of historical characters from the 17th to the 19th centuries, including the Swedish botanist Carl Linnaeus.

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Women’s Club ‘The Wing’: Phenomenal Success, High Demand, and a Commitment to Diversity

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Photo by: Cushman & Wakefield via Curbed

The Wing, however, was exclusively for women. There was a lengthy waiting list for members to access the exquisitely designed spaces with fashionable millennial pink furnishings and bookshelves organized by hue. In addition, The Wing raised over $100 million from investors, including Airbnb and WeWork, and at its zenith, it operated 11 locations. In spite of the company’s diversity message, it had 12,000 members and 9,000 enthusiastic applicants on its waitlist at the time.

However, the successes were short-lived. The Wing nearly went insolvent in 2020. The coronavirus pandemic took its toll, as did allegations that the corporation had mistreated employees of color despite its promotion of social consciousness.

The New York Times reported that following the 2020 murder of George Floyd in Minneapolis, Minnesota, the Wing pledged to donate $200,000 to Black Lives Matter-related causes. Approximately at the same time, the Wing laid off more than 300 employees and offered them a $500 one-time honorarium for which they had to apply.

In June 2020, in response to the severe internal criticism, Gelman resigned while retaining a ten percent stake. Kassan remained with the company and even served as its CEO.

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Source: New York Post

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