Top 5 Retail Building Sales—January 2021

PropertyShark compiled the top retail building sales recorded last month in New York City.
Source: PropertyShark, a Yardi Systems Inc. company
  1. 712 Madison Ave., Manhattan
    Sale Price: $43,000,000
712 Madison Ave., Manhattan

SL Green sold the five-story Lenox Hill building to jewelry firm Graff International. The buyer exercised its option to buy the Manhattan flagship townhouse after acquiring the ground lease the same way in 2019. Canada Life European Real Estate Limited facilitated the transaction with $28 million in acquisition financing. The 5,550-square-foot property previously changed hands in 2015, when Duell Management sold the asset for $83 million.

  1. 248 Bedford Ave. #CU1, Brooklyn
    Sale Price: $32,000,000

SL Green sold three commercial condo units to an affiliate of Ethika Capital. Along with 248 Bedford Ave. #CU1, the Williamburg portfolio included 248 Bedford Ave. #CU2 and 195 Berry St. #GU. Morgan Stanley provided $20 million in acquisition financing to facilitate the deal. Part of a five-story residential building completed in 2010, the commercial units encompass 18,094 square feet, 5,388 square feet and 28,751 square feet of garage space, respectively.

  1. 41-02 Delong St. #RET1, Queens
    Sale Price: $20,565,600

The 25,814-square-foot retail condo unit was part of a $123 million portfolio sale that included the 7,187-square-foot retail space at 41-02 Delong St #RET2 and a 198,000-square-foot storage space located at the same address. The seller was Storage Deluxe and the buyer was self-storage giant CubeSmart. The transaction is part of a $540 million agreement to purchase an eight-building portfolio, announced in October 2020.

  1. 65 Irving Place, Manhattan
    Sale Price: $19,500,000

The five-story Gramercy Park property—originally built in 1846—changed hands for $2,625 per square foot. Encompassing 7,429 square feet, the townhouse features two residential units totaling 3,693 square feet and a 3,736-square-foot commercial unit. Celine creative director Hedi Slimane was the seller, who paid $11 million for the asset in July 2014.

  1. 42 E. 21st S., Manhattan
    Sale Price: $17,056,935

The property was part of a three-building portfolio that included 44 E. 21st St. and 46 E. 21st St. Tri-Star Equities acquired the Flatiron District mixed-use properties. The first, four-story building spans 6,675 square feet and includes two residential and three commercial units, while the second five-story asset features 5,250 square feet of residential, 1,550 square feet of retail and 850 square feet of office space. The third asset is a five-story property totaling 7,500 square feet across two residential and three commercial units.