Three Street Realty Sells Greenwich Village Retail Asset
- Jan 03, 2019
Three Street Realty Co. has sold the retail component and parking garage of 44-58 E. Eighth St. in Manhattan’s Greenwich Village neighborhood to a local private investor. Adelaide Polsinelli, vice chair of the newly launched investment sales division of Compass, and colleague Mitchell Goldstick represented both the seller and the buyer.
Built in 1952, the six-story co-op has a total of 121 residential units, a 40-car underground parking garage, air rights and seven commercial suites. Earlier in 2018, Polsinelli and Goldstick, a Compass agent, also sold the remaining share package in the co-op.
The retail component is located on Eighth Avenue, between Mercer and Greene streets in the heart of Greenwich Village. In addition to the underground garage, the space has seven retail stores, with more than 8,400 square feet. Tenants include Dunkin Donuts, Verizon, UBreakIFix, Jay’s nail salon, a new deli and a corner Chinese restaurant. The new owner will have the option to build out more than 1,500 square feet of additional retail space.
“The ability to build out an additional two stores provided upside for the buyers,” Polsinelli said in a prepared statement. “They have complete confidence that the retail will continue to grow in value.”
The location is close to major employers like IBM and Google, as well as schools including Cooper Union, New York University, St. John’s University, Cardozo Law School, Grace Church School and New York Studio School of Drawing, Painting & Sculpture. The neighborhood is also home to the Electric Lady Studios and the Marlton Hotel. New restaurants and lounges have opened, including Amelie, Loring Place and Analogue.
“This prime Greenwich Village location made the commercial space extremely attractive to the buyers,” Polsinelli stated. “The area has one of the highest concentrations of students in New York City and is easily accessible with public transportation. With daily foot traffic of over 70,000 pedestrians covering a wide range of demographics, the property sits at the crossroads of NoHo and the East Village. Located just a few blocks away from Washington Square Park and Union Square, the retail on Eighth Avenue should continue to thrive in the short term and flourish in the long term.”
Strong economy, tourism boost retail
While there have been some rent declines, unemployment statistics and steady tourism numbers helped New York City’s economy grow at a healthy pace in 2018, leading to cautious optimism by retailers, according to Cushman & Wakefield’s Marketbeat Manhattan Retail report for last year’s third quarter. Retail sales figures were projected to grow 5.5 percent in 2018. The report also noted retail lease velocity had progressed positively during the third quarter, aided by the growing pop-up trend. Looking to the future, the report said the strength of online sales could spur “the need for accompanying new brick and mortar stores” to grow as well.
In August, Compass, a tech-savvy residential real estate firm, launched the commercial division. Adelaide Polsinelli, with more than 30 years of investment property sales, and Ronda Rogovin, who has nearly 40 years of experience in tri-state commercial real estate, created the division leading a team that includes Goldstick and fellow agent Trystan Polsinelli. Both Adelaide Polsinelli and Rogovin have experience in retail sales, as well as residential, office and other asset types.
Compass, which has numerous offices in New York City, the Greater Boston area, San Francisco, Chicago, Miami, Los Angeles, Washington, D.C., and Dallas, plans to expand throughout its existing markets and open 70 new offices.
Image courtesy of Compass