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.