Top 5 Retail Building Sales—June 2020
- Jul 22, 2020
- 609 Fifth Ave., Manhattan
Sale Price: $164,961,209
SL Green sold the 29,200-square-foot retail condominium to an affiliate of Reuben Brothers, but held on to the office component of the building. Completed in 1925, the Central Midtown property encompasses a total 139,400 square feet and underwent renovations in 1989 and 2018. Following the latest revamp, sports apparel brand PUMA leased 24,000 square feet for its three-level flagship sore, while luxury apparel retailer Vince leased 5,000 square feet.
- 1509 Hart Place, Brooklyn
Sale Price: $18,294,750
An entity affiliated with furniture and mattress retailer Raymour & Flanigan purchased the 39.350-square-foot facility in Coney Island. KeyBank provided $11.9 million in acquisition financing, which carries a 6.5 percent interest rate and is scheduled to mature in June 2030. Located on a 1.1-acre site, the property was completed in 1959 and underwent alterations in 1999.
- 1156 Third Ave., Manhattan
Sale Price: $7,500,000
The 15,105-square-foot retail component situated on the ground floor of an apartment building changed hands in early June. Castellan Capital financed the acquisition with a $2.5 million loan, which bears a 6.67 percent interest rate and has a June 2030 maturity date. The property is within walking distance of New York-Presbyterian / Weill Cornell Medical Center, while 68th Street 6 train station is a few steps away.
- 5101 Ave. U, Brooklyn
Sale Price: $6,675,000
An entity affiliated with Thaler Realty Group sold the asset as part of a three-property retail portfolio, which also included 2461 Flatbush Ave. and 2475 Flatbush Ave. Flushing Bank originated $4 million in acquisition financing on behalf of the buyer—the financing carries a 6.67 percent interest rate and an April 2030 maturity date. Completed in 1950 and 1969, the buildings encompass a combined 15,000 square feet.
- 100 Willoughby St., Brooklyn
Sale Price: $6,500,000
AvalonBay sold the retail component of AVA DoBro, an 870,000-square-foot apartment tower, to an entity affiliated with United American Land. The sale closed in late June, with Signature Bank providing $6.5 million in acquisition financing. The mortgage carries a 6.5 percent interest rate and is scheduled to mature in June 2030. The 58-story building is directly above a Jay Street-MetroTech Subway Station with immediate access to the A/C, F and R trains and a few steps from the Barclays Center and Brooklyn Flea.