Top 5 NYC Retail Building Sales—March 2021
- Apr 23, 2021
- 761 Seventh Ave. #COMM, Manhattan
Sale Price: $24,269,625
An entity affiliated with CityVest Realty Corp. sold the 24,995-square-foot commercial unit at 761 Seventh Ave. in the Theatre District. The buyer was an entity connected to Delshah Capital. The new owner assumed the $23.5 million outstanding balance of an existing mortgage originated in 2013 by Signature Bank. The commercial unit was previously leased to a TGI Friday’s that shuttered due to the pandemic.
- 2818 Coney Island Ave., Brooklyn
Sale Price: $22,000,000
Ford Coyle Properties sold the 13,700-square-foot property to an entity affiliated with grocery store Oasis Mega Market. The one-story building in Sheepshead Bay is leased to Nargis Cafe, an Uzbek restaurant. The seller facilitated the transaction by providing the seller with $16.8 million in acquisition financing. The mortgage carries a 6.5 percent interest rate and a 2031 maturity date. Ford Coyle Properties had owned the retail asset since 1982.
- 132 E. 125th St., Manhattan
Sale Price: $10,750,000
Northeast Capital Partners sold the 6,600-square-foot Harlem property to Maddd Equities. The buyer secured a $15 million acquisition loan from Metropolitan Commercial Bank. The new owner plans to demolish the building, along with the adjacent property located at 128 E. 125th St., which Maddd Equities purchased for $15 million las November. An office building including retail and community space is slated for development on the two sites.
- 4910 Broadway, Manhattan
Sale Price: $10,500,000
A limited liability company affiliated with Abro Management Corp. sold the 9,200-square-foot retail property to an entity connected to Fine Fare Supermarkets. Bank of Hope provided $5.9 million in acquisition financing. The one-building located in Inwood is leased to RiteAid and it previously changed hands in 2013. Nearby transportation options include the A subway line accessible at the SE corner of Broadway and 207th Street.
- 33 W. 47th St., Manhattan
Sale Price: $9,500,000
H W Y. Partners sold the nearly 8,000-square-foot mixed-use property to a private investor, who secured $4 million in acquisition financing from KEB Hana Bank USA. The five-story Central Midtown building encompasses 3,934 square feet of office space and 3,990 square feet of retail space across a total of 31 commercial units. The 1920-built property previously changed hands in 1993.