Top 5 Retail Space Sales
- Feb 21, 2018
204 Fifth Ave., Manhattan
Sale Price: $42,450,000
Located in the NoMad neighborhood of Manhattan, this four-story building comprises 9,798 square feet. The property stands across from Madison Square Park in the Garment District. Built in 1913 and last renovated in 2004, the structure was designed by architect C.P.H. Gilbert. Spanish ceramics and interior design retailer Porcelanosa purchased the asset from Artemis Partners. Porven Real Estate represented the buyer in the transaction while Sotheby’s represented Artemis in the deal. In 2012, Porcelanosa purchased the next door building at 202 Fifth Ave. for $40 million and plans to combine the two properties to increase the square footage of its flagship store. The property offers convenient access to the N/R subway lines at Broadway/23rd Street.
- 350 W. 42nd St. #RETLA, Manhattan
Sale Price: $25,100,000
Sold along with 350 W. 42nd St. #GARAGE, 350 W. 42nd St. #RETLB and 350 W. 42nd St. #TR/ST, this 60-story building was constructed in 2004. The property is within close proximity to the A/C/E/N/Q/R/S/1/2/3/7 subway lines at Eighth Avenue/42nd Street, as well as the Port Authority Bus Terminal. Dubbed the Orion Condominiums, the 551-unit glass residential building was sold by New York REIT and features a 34,979-square-foot on-site garage and a 6,793-square-foot retail condominium on the ground level. The property is fully leased to long-term tenants Starbucks and Merci Market.
- 38-04 48th St., Queens
Sale Price: $12,750,000
Totaling 49,000 square feet of retail and 4,000 square feet of storage space, this two-story property is located in the neighborhood of Sunnyside Gardens. Situated on a 25,392-square-foot lot, the building was constructed in 1999. The asset was purchased by The New York City School Construction Authority, which plans to develop a 600-seat middle school at the location. Now vacant, the space was previously a parking garage turned pool hall. In November 2017, The New York City Council’s five-member Subcommittee on Landmarks, Public Siting and Maritime Uses voted to move forward with plans for a new school slated to accommodate 697 students from grades six to eight. The garage is listed on the State and National Register of Historic Places, so plans for replacing the century-old structure with a new construction have received backlash from Sunnyside residents because of the site’s historical significance.
- 194-03 Northern Blvd., Queens
Sale Price: $7,850,000
Built in 1949, this two-story asset accommodates 12 retail and office units totaling 17,306 square feet. Located in Auburndale, the property is within close proximity to the Q12/Q13 bus routes. The asset was last renovated in 1984 and is surrounded by retailers such as El Patron Latin Cuisine Restaurant, Galbi Ma Eul Korean Barbecue, Café Bench, Select Chiropractic and Gyro World.
- 42-33 Bell Blvd., Queens
Sale Price: $6,750,000
Home to Waggers Dog Daycare, this one-story Bayside property was built in 1995 and offers a total of 8,000 square feet. The building offers quick access to the Q13/Q31 bus routes and is about three miles from the 7 subway line at Main Street/Roosevelt Avenue.