Top 5 NYC Retail Building Sales—July 2024

• 2 Times Square, Manhattan

Sale Price: $99.3 million

South Korea-based Bando Engineering & Construction purchased the 26,992-square-foot retail property in Manhattan’s Theatre District from Sherwood Equities. The acquisition was financed by a $60 million loan with KEB Hana Bank as lender. The new owners, which purchased the basement through second-floor spaces at the property, plans to introduce Korean cultural elements at the retail asset, according to Yonhap News Agency.

• 719 7th Ave., Manhattan

Sale Price: $32.5 million

Boich Investment Group acquired the 7,887-square-foot retail property in Times Square from SL Green. VerCap Management provided acquisition financing totaling $23 million in the form of an amended and restated note. The billboard retail building last traded in 2014 for approximately $21 million, when SL Green picked it up through multiple transactions with 11 different entities.

• 40 Broad St., Manhattan

Sale Price: $18 million

Albert Allaham, the owner of Reserve Cut, purchased a 6,379-square-foot retail condo unit at 40 Broad St., together with a 7,903-square-foot unit at 40 Broad St. and a 24,148-square-foot unit at 40 Broad St.. The property changed hands from a private individual and serves as the home of the buyer’s kosher steakhouse in the Financial District. The 1982-built retail asset is subject to a $11.7 million acquisition loan provided by Webster Bank.

• 300 E. 23rd St. #C, Manhattan

Sale Price: $11.4 million

A legal entity affiliated with LNR Partners purchased the 10,622-square-foot retail unit of the 19-story condominium building at 300 E. 23rd St. The seller of the condominium and retail property, totaling 144,784 square feet and known as the Tempo Residential Tower, was The Feil Organization. The Gramercy Park property was originally built in 2008 and in 2014 became subject to a $12 million loan held by U.S. Bank Trust. The remaining debt was assigned to LNR Partners.

• 200 E. 83rd St. #COMM, Manhattan

Sale Price: $8.6 million

Madrin-based Azora Group, through its real estate investment arm Azora Exon, acquired the 5,751-square-foot retail portion of Naftali Group’s condominium tower at 200 E. 83rd St. The Yorkville property is totaling 205,877 square feet and rises 35 stories. Naftali Group developed the residential tower in 2021, in joint venture with Rockefeller Group.