Two Prime Retail Properties in Manhattan Sell for Nearly $50 Million
- Oct 29, 2014
By Veronica Grecu, Associate Editor
An affiliate of Maguire Capital Group recently closed on a 5,700-square-foot retail condominium located in Manhattan’s Chelsea neighborhood. According to an official statement announcing the transaction, Maguire Capital Group’s affiliate teamed up with Norfolk, VA-based Harbor Group International in the $31.5 million deal.
Located at 245 Seventh Avenue at the corner of West 24th Street, the 6,880-square foot was built in 1911, according to data provided by PropertyShark, and was previously owned by Macklowe Properties. the property is currently net leased to a J.P. Morgan Chase bank branch.
“The Seventh Avenue corridor is uniquely positioned for growth in the retail sector,” according to Marvin V. Azrak, principal of Maguire. “Urban retail is a key part of our acquisition strategy and we believe this property will provide significant value for our investors,” he added.
Meanwhile, Harbor International Group sold a 7,200-square-foot retail property located at 1420 Broadway, in the retail bridge between the Times Square and 34th Street retail corridors. The three-story property, which was built in 1920, was acquired by Harbor International Group in October 2012 for $10.25 million. The real estate asset is fully leased to Christine Inc. and houses a luncheonette/convenience store on the first floor, while the second and third floors are subleased to a masseuse and salon.
This October, Harbor International Group sold the property for $18 million. “1420 Broadway is a stable asset in a strong market that benefits from a long term lease and buildable air rights,” said T. Richard Litton, president of HGI, in a press statement. “The property’s performance exceeded our expectations and once again confirmed our predictions for rapid growth in the Times Square submarket.”
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Images via Maguire Capital Group and Harbor International Group