Top 5 NYC Retail Building Sales – May 2024
PropertyShark collected the city’s top deals for the sector.
Sale Price: $48,250,000
The portfolio deal included the 47,583-square-foot, single-story building and another 54,150-square-foot one at 53-01 74th St., in Queens’s neighborhood of Elmhurst. Acadia Realty Trust sold a 95 percent ownership stake in the two retail properties, known as The Shops at Grand Avenue, to J.P. Morgan Real Estate Income Inc. The property is a neighborhood retail center occupied by Stop & Shop and its purchase is part of a strategic program for the new ownership, which will further pursue retail opportunities with Acadia Realty Trust, according to a press release issued by J.P. Morgan Real Estate Income Trust Inc.
Sale Price: $21,000,000
Hiwin Group USA purchased the 28,325-square-foot, five-story retail building in Manhattan’s Times Square from a private seller. The property was originally completed in 1917, upgraded in 2006 and was occupied by the Latin dance club and restaurant Iguana New York. The property has 47,000 square feet of unused residential development rights, making way for a possible redevelopment, according to The Real Deal.
Sale Price: $16,000,000
The 41,200-square-foot, eight-story retail asset changed hands between a private seller and developer Yacov Smouha. Originally built in 1915, the Chinatown property became subject to a $21.5 million, two-year, floating-rate loan originated by Thorofare Capital and White Oak Real Estate Capital, according to the Commercial Observer.
Sale Price: $14,000,000
The 16,539-square-foot retail property in Elmhurst changed hands between two private investors. The buyer also secured a $9 million acquisition loan through a consolidation and extension agreement with CTBC Bank. The single-story retail asset was built in 1954 and most recently upgraded in 2018.
Sale Price: $13,000,000
The two retail buildings in Bronx’s Claremont neighborhood total 4,540 square feet of space and changed hands between two private entities. The seller was a Florida-based private investor. Completed in 2005 and 1998, respectively, the two buildings are occupied by Wendy’s.
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