Adelaide Polsinelli has closed on the first retail condo
trade in Union Square in the past six months.
The Compass vice chairman announced that she worked with Karen Kemp and Joe Brazil of MHP, a Banyan Street Company, to sell the store at 13 East 16th Street (pictured top) for $1,661 psf and at a 4.5 per cap rate.
The buyer runs a computer technology business and plans to
collect rent from longtime tenant, fashion boutique Agnes b, for the next two
years of their lease and then occupy the space himself.
“The buyer recognized that this point in time presented a once-in-a-cycle opportunity to buy a retail store for his business, in a better location than where he was renting,” said Polsinelli.
450 West 31st Street, New York, NY 10001 Phone: 212-260-1332
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SALES
CBRE announced the sale of a religious facility located at 108 Washington Place in Passaic, NJ. The former Presbyterian church was acquired by the Church of God Prophecy for $750,000.
Charles Berger and
Samuel Bernhaut and
Nicole Nannola of CBRE’s Retail Services, represented the seller, Trustees First Presbyterian Society of Passaic, and procured the buyer, another religious institution that will continue to cater to the neighborhood. Built in 1927 to serve the Jewish congregation B’nai Benjamin, 108 Washington Place is a 12,790 s/f, two-story house of worship that can accommodate up to 400 people in the main sanctuary and balcony. The lower level contains additional meeting rooms, offices and a full industrial kitchen. The property is near multiple bus lines and is two blocks away from Main Avenue, Passaic’s main commercial thoroughfare.
Recent Commercial Real Estate Transactions
Recent commercial real estate transactions in New York.
By Sophia June
Recent Sale
Brooklyn
Built in 1920, this 6,516-square-foot building near Prospect Park in Park Slope has eight two-bedroom apartments, and all but one are occupied.
Buyer: Arlia family
Seller: Circle 1211
Image
This corner building in Washington Heights was last sold in 1973. It was delivered vacant.Credit.GFI Realty Services
Recent Sale
Manhattan
This single-story retail building in Washington Heights was delivered vacant. It is 6,753 square feet, with 15,866 square feet of additional air rights. The building was last sold in 1973.
Buyer: 1314 St. Nicholas L.L.C.