510 Fifth Ave. Picture courtesy of CommercialEdge
Vornado Realty Belief has entered into an settlement to promote 4 downtown Manhattan retail buildings, encompassing 123,000 sq. ft of house. The corporate additionally bought a fifth retail asset as a part of a second deal. The mixed gross sales value for the 2 transactions is $124.4 million.
The sale of the 4 buildings is anticipated to shut later this quarter. Mixed, these offers are anticipated to generate an roughly $20 million web acquire.
The properties included within the newest disposition are:
- a 65,000-square-foot Class B retail property at 510 Fifth Ave., located throughout the Plaza District submarket
- a 7,000-square-foot property at 148 Spring St. that features workplace and retail house
- a 16,000-square-foot asset at 443 Broadway, at present occupied by artwork provider Blick Artwork Supplies
- a 35,000-square-foot, 13-story retail constructing at 692 Broadway
The asset that bought earlier this month was the long-lasting artwork gallery Armory Present, acquired by Frieze Artwork Honest, in line with the New York Occasions.
The portfolio’s tenant roster contains SirionLabs, The North Face, The Drawing Room and Dr. Martens amongst others, CommercialEdge knowledge reveals.
Regardless of the present financial local weather, retail remained a top-performing asset class within the Higher New York area this 12 months. Earlier this month, Stockbridge Capital Group, in partnership with Cypress Equities, bought a 186,000-square-foot Walmart Supercenter in Linden, N.J. Heritage Properties Inc. picked up the asset by means of a 1031 change for $55 million.
In Could, an affiliate of Northeast Capital Group bought West Falls Plaza, a 90,945-square-foot retail heart in Woodland Park, N.J. SITE Facilities bought the asset for $18 million.
