Eastern Consolidated handles $2.185 million retail condo sale

Eastern Consolidated Handles $2.185 Million Retail Condo Sale; Polsinelli and Khodadadian Broker $2.5 Million Sale

Eastern Consolidated’s senior director Peter Carillo, and associate director Alexander Erdos, Esq., brought in and represented the seller, Spyro Avdoulos, while senior director Adelaide Polsinelli and associate director Robert Khodadadian procured the buyer, Skowhegan School of Painting and Sculpture for the purchase of 136 West 22nd St. Located two blocks from Madison Square Park, the property is a ground-floor, two-unit retail space located in a seven-story elevator building with 2,653 s/f above-grade and 2,545 s/f of usable basement space. The condominium is being delivered vacant and also includes a 420 s/f backyard.

Over the last nine months, Eastern Consolidated’s Retail Sales Group has successfully transacted over 18 retail sales totaling in excess of $150 million in dollar volume, including noteworthy deals such as the $41.5 million sale of “the King of Greene Street” building at 72-76 Greene Street in SoHo and the sale of 210 Bowery for $7.5 million.

Skowhegan School of Painting and Sculpture, a nonprofit organization, specializing in art education, currently houses its year-round offices nearby at 200 Park Avenue South.

Additionally, a 1500 s/f retail condominium at 119 Chambers St. has just been sold for $2.5 million, or $1,666 per s/f. The retail condo, currently occupied by Housing Works, a high-end designer thrift shop, features 1,500 s/f of street-level space and a renovated 1,500 s/f basement. The condo has 25 ft. of retail frontage. Polsinelli and Khodadadian represented the seller, and the buyer of the property, both local investors.

According to Polsinelli, the new ownership will benefit greatly from the “tremendous vehicular and pedestrian traffic throughout the neighborhood thanks to a high influx of residents, commuters, students, and tourists.

According to Khodadadian, rents at 119 Chambers Street are currently 50% below market, with a 30% increase in 2014, leaving room for “significant” potential upside. “The new ownership will benefit greatly from the incredible growth of new residents and visitors in Lower Manhattan, and the demand for retail and new services is only going to increase,” he said, noting the property’s close location to 12 major subway lines, as well as express buses.

 

 

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