Manhattan Retail Condo Commands $25M

Rubie's Costume Co. purchased the 26,401-square-foot space that is currently fully occupied by New York City’s largest costume store. The sale included an additional $12.5 million loan assumption.

808 Broadway, New York City
808 Broadway, New York City

Dallas-based Delos Shipping has sold a 26,401-square-foot retail condominium for $24.6 million, public data shows. The buyer was 808 Broadway Associates LLC, an entity affiliated with Rubie’s Costume Co. The sale included a $12.5 million CMBS loan assumption financed by U.S. Bank.

The property spans two adjacent buildings sited at 808 Broadway and 104-110 4th Ave., built in 1888 and 1981, respectively. The three-story retail unit is fully leased to New York City’s largest costume store, New York Costumes and Halloween Adventure.

Amenity-filled neighborhood

Located in Manhattan’s Greenwich Village neighborhood, the unit offers 153 feet of frontage on Broadway and 4th Avenue. Neighborhood amenities include retailers, eateries and art galleries. The building is surrounded by the Strand Bookstore and New York University, Stuyvesant Town, Washington Square, the Bowery and Tompkins Square. Transportation is facilitated by the Union Square subway station and Astor Place station, both located within walking distance.

HFF Senior Managing Director Andrew Scandalios, Managing Director Rob Rizzi and Director Steven Rutman facilitated the transaction.

We received a tremendous amount of interest from both private and institutional investors for this unique asset on a section of Broadway that is currently undergoing an impressive transformation,” Rizzi said in a prepared statement. “New York Costumes is an iconic New York company, and their success is a testament to retailers that are thriving in the ever-changing retail environment.

Image courtesy of HFF