Top 5 Retail Building Sales—November 2020
- Dec 16, 2020
- 842 Broadway, Manhattan
Sale Price: $211,375,000
Related Cos. sold the mixed-use property known as One Union Square South to MKF Realty. Wells Fargo provided $120 million in Fannie Mae acquisition financing to facilitate the transaction. Completed in 1998, the 27-story building encompasses more than 108,000 square feet of retail space leased to tenants including Regal Cinemas, Nordstrom Rack and Best Buy. One Union Square South features 239 luxury residential units, while 52 apartments are affordable.
- 841 Madison Ave., Manhattan
Sale Price: $45,587,492
An entity affiliated with Ashkenazy Acquisition sold the 18,000-square-foot retail condominium within the 15-story Hampton House. Ashkenazy had owned the commercial unit since 2010 when the company paid $51 million for the four-floor retail condo, which is leased to Prada. The new owner is an entity connected with JSRE Acquisitions. The property is situated on the corner of East 70th Street, along the retail area of Madison Avenue known as the “Gold Coast.”
- 515-531 86th St., Brooklyn
Sale Price: $14,125,000
Connecticut-based Developer Realty Corp. sold the 37,412-square-foot commercial building to ACHS Management. Constructed in 1926 and upgraded in 1996, the two-story shopping center is home to tenants such as Modell’s Sporting Goods and Spectrum. The seller had owned the property since 1976. Nearby transportation options include the R subway line on the SE corner of Fourth Avenue and 86th Street and the B1 bus line at the intersection of 86th Street and Fifth Avenue.
- 1203 E. New York Ave., Brooklyn
Sale Price: $13,000,000
Criterion Group sold the 20,400-square-foot commercial property to the Carlyle Group in early November. Developed in 1938 on a 1-acre site, the former Western Beef Supermarket underwent alterations in 1988. The nearest subway station provides access to the no. 3 line at the NW corner of Rutland Road and East 98th Street, while the B14 bus line is accessible at the intersection of East New York Avenue and Union Street.
- 32 E. 170th St., Bronx
Sale Price: $8,250,000
The one-story retail building totaling 8,841 square feet changed hands in early November. Bank of Hope facilitated the transaction with $5.2 million in acquisition financing, which carries a variable interest rate. Located in Mount Eden, the property— completed in 1931—houses a Walgreens. Transportation options nearby include the no. 4 subway line on the SE corner of Jerome Avenue and 170th Street and the BX18 bus line at the intersection of East 170th Street and Walton Avenue.