Dealmaker: Cushman & Wakefield Arranges $68M for Retail Condominium
Cushman & Wakefield, New York, arranged $67.5 million for a Vanbarton Group affiliate to acquire the Astor Retail Condominium, a 31,210-square-foot retail condo on New York City’s Broadway.
Mesa West Capital LLC, Los Angeles, provided the floating-rate financing.
The Astor Retail Condominium occupies the lower levels of The Astor, a 12-story full-block residential complex on Manhattan’s Upper West Side. The retail condominium includes 18,900 square feet of ground-floor space spanning the entire westerly block front of Broadway between 75th and 76th Streets and three side-street stores and 12,300 square feet on the basement level. Tenants including Barneys New York and L’Occitane fully occupy the space.C&W President of Equity, Debt and Structured Finance Steve Kohn, Senior Managing Director Alex Hernandez and Associate Alex Lapidus represented Vanbarton.
“With so few opportunities to gain exposure to large, institutional-quality urban retail in Manhattan, the lending market was eager to participate with Vanbarton on the acquisition,” Hernandez said.
In Brooklyn’s Greenpoint neighborhood, Cushman & Wakefield sold several retail assets for the Hazelwood Family. AGMINE Corp. acquired 730 and 644 Manhattan Avenue for $6.2 million in an all-cash transaction. AGMINE earlier acquired 760-764 Manhattan Avenue in an $11 million all-cash transaction for an in-place 4.3 percent capitalization rate. Cushman & Wakefield Director Brendan Maddigan handled both transactions.
“The metrics of this deal highlight the increasing value of space along Greenpoint’s key retail corridors,” Maddigan said.