August Commercial Property Sales

Recent lease of note:

Optical center Eye and Health TriBeCa, specialising in holistic optical treatment, signed a lease on the retail space of a 2014 constructed, 17-story condominium complex situated on 93 Worth Street in Manhattan, between Broadway and Church. The space itself is a 600 square foot space situated on the ground floor of the complex which additionally houses 91 apartments. The deal was brokered between Eye and Health TriBeCa and 93 Worth Retail LLC for an approximate annual rent of $60 thousand, placing the lease value at $100/sq. ft. per year. The property was leased with a six month rent concession. The new tenant, owner of Eye and Health TriBeCa, owns three other eye centers in the Manhattan area and plans to open a fourth optical center at 93 Worth Street by the fall. The tenant was represented by Dominic Coluccio of the Corcoran Group and the the landlord was represented by Jeremy Schwartz and Jedd Nero of Avision Young.

Recent transacted sale of note:

An private investor purchased a property in the East Village area of Manhattan, located at 153 Avenue B in the amount of $6.625 million. The property itself is a five story, 19th century townhouse boasting 6440 square feet, bringing price per square foot to just over $1000. The townhouse itself is a 23 by 54 brownstone and sits between Angel Memorial House and Donostia, next to the Charlie Parker residence, across Avenue B from the northeast corner of Tompkins Square Park. The East Villiage residence between 9th and 10th street boasts a history of fame and was itself called home in to both composer-musician Charles Mingus as well as Actress Marisa Tomei. The buyer was named as 153 B L.L.C. and was represented by Paul Bernstein of City Connections Realty. The seller was 153 Ave. B, Inc. with brokers of Leslie J. Garfield Real Estate’s Lesser Kantha team, Ravi Kantha and Matthew Lesser, representing. The cap rate on the property is about 3 percent.

Sale of note:

In Manhattan, a twenty thousand square foot elevator building in the Washington Heights area for sale for $10.25 million sits, claiming the addresses of 4468, 4470, 4472, and 4474 Broadway. Included with the building itself is approximately 100 feet of frontage for retailers and 14,400 square feet of air rights yet unused. The building itself is comprised of six ground floor spaces intended for retail use and a suite of five office suites above the ground level floor. The two story brick structure was constructed in 1991 and currently houses several existing tenants in its office and retail spaces. Its current tenants include Heights Wine & Spirits liquor store, New Your Neuro and Rehab Center, a beauty salon, a Super Discount 99 cent plus convenience store, and BJ’s Cargo Express cargo delivery service. Additionally, both the M100 and Bx7 buses have their stops along the property’s storefronts, nestled between Fairview Avenue and West 193rd. The Seller is listed as Broadway 10th Ave Rea, as represented by Tevfik Arif Doyen and Hilly Soleiman of Bensen Bayrock & Associates.

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