Top 5 Retail Building Sales—October 2020
- Nov 20, 2020
- 2023-2037 Fifth Ave., Manhattan
Sale Price: $32,000,000
The National Black Theater teamed up with L+M Development Partners for the redevelopment of the building at the corner of 125th Street and Fifth Avenue into a mixed-use property. The new 20-story building will occupy the entire eastern blockfront between 125th and 126th streets. The 240-foot project will feature ground-floor retail, while the second through fourth floors will be dedicated to the National Black Theater. Floors five through 20 will include 240 residential units and a percentage of the apartments will be permanently affordable.
- 500 Broome St., Manhattan
Sale Price: $9,550,000
The 7,500-square-foot SoHo property changed hands for $1,273 per square foot. Constructed in 1900, the five-story building consists of five commercial and three residential units. Additionally, the property features 4,500 square feet of storage space. Commercial tenants include Paris Stations, Persona and Soho Gem. The nearest subway station provides access to the C-E line at the NE corner of Sixth Avenue and Spring Street, while the M55 bus line is accessible at the intersection of Avenue of the Americas and Broome Street.
- 116 10th Ave., Manhattan
Sale Price: $9,000,000
A joint venture between GDS Development and Klövern AB acquired the fee title to 116 10th Ave. together with unused development rights at a nearby property located 453 W. 17th St. for a total $26.7 million. The 10th Avenue building is a former nightclub that closed due to the pandemic, while the 17th Street lot holds a four-story commercial building. The deal had been in the works for several years—potential redevelopment plans include a two-wing project encompassing a small hotel or offices on 10th Avenue and an 11-story residential building on the second site.
- 837 E. Tremont Ave., Bronx
Sale Price: $8,500,000
Morgan Barrington Financial Services sold the 11,400-square-foot building in Tremont to Macomb Parking Corp. Park Realty Capital provided $4 million in acquisition financing, which carries a 6.67 percent mortgage rate and is scheduled to mature in September 2030. The one-story retail building was developed in 1990 and encompasses four commercial units. Nearby transportation options include the 2-5 subway line at the NW corner of Boston Road and 174th Street and the BX42 bus line at the intersection of East Tremont and Marmion avenues.
- 711-717 Grand St., Brooklyn
Sale Price: $5,282,500
The 1,376-square-foot three-building property in Williamsburg changed hands in early October. Signature Bank originated acquisition financing on behalf of the new owner. The $3 million mortgage bears a 5.67 percent interest rate and is scheduled to mature in 2050. Developed in 1920, the three-story buildings are less than a mile from the L subway line at the NE corner of Grand Street and Bushwick Avenue, while the Q59 bus route is accessible at the intersection of Grand Street and Graham Avenue.