Boulder Group Brokers Sale of 7-Eleven in Manhattan
- Jan 30, 2020
Shortly after negotiating the sale of a CVS property in Bridgeport, Conn., The Boulder Group has arranged the disposition of a 2,156-square-foot retail property in Lower Manhattan. Eagle Rock Properties sold the asset for $6.9 million to a private investor. Public records show that the building last traded in 2019, when the seller acquired it from HK Organization for $4.6 million.
Located at 351 Bowery, in a densely populated area on the border of Noho and East Village, the transit-oriented property is situated at the base of a fifteen-story residential community. More than 1.1 million people with an average household income of $158,000 live in a three-mile radius. Additionally, the building is in close proximity to New York University and various other retail opportunities.
The brokerage team that represented the seller included The Boulder Group’s President Randy Blankstein and Senior Vice President John Feeney.
Built in 2007, the store is a condominium unit net leased to 7-Eleven. The national retailer extended its lease in 2019, with contract terms featuring a 10 percent rent increase every five years.