Top 5 NYC Retail Building Sales—September 2024
636 Ave. of the Americas, Manhattan
Sale Price: $37.5 million
The New York Hotel Trades Council and Hotel Association of New York City Health Center Inc. has purchased the 17,563-square-foot retail space at 636 Ave. of the Americas, from Nuveen Real Estate. The Flatiron District retail space is part of a 69,875-square-foot building originally completed in 1902. Nuveen Real Estate owned the retail part since 2014, when it acquired it for $42 million. The new ownership also purchased the remaining office space of the seven-story property’s upper floors from Clarion Partners, intending to use both spaces, according to TheRealDeal.
2435 Frederick Douglass Blvd., Manhattan
Sale Price: $16.5 million
Services for the UnderServed has purchased a 11,838-square-foot retail building in Manhattan’s Harlem area from James Equities. The two-story building also became subject to a $15.4 million acquisition loan and a $5.9 million construction loan initially originated by Enterprise Community Loan Fund and assigned to Citigroup Inc.
Sale Price: $14 million
Vinik Family Foundation has acquired the 11,012-square-foot retail building in Manhattan’s Carnegie Hill, from ACRES Capital. Dating back to 1899, the five-story building traded for $34.4 million earlier this year from Kate Shin’s Waterfall Gallery through a foreclosure deal to ACRES Capital, according to TheRealDeal.
Sale Price: $12.5 million
Platinum Realty Associates purchased the 2,640-square-foot retail property together with its 29,070-square-foot twin building at 833 Flatbush Ave. The seller was Harbor Group International, that owned the assets since 2015. Built between 1931 and 1939, the properties became subject to a $8.9 million loan secured through a consolidated and extension agreement with Customers Bank.
Sale Price: $11.7 million
A private individual sold the 13,430-square-foot retail component of a 25-story multifamily building in Manhattan’s Lenox Hill to Indianapolis-based Sandor Development. The retail space is part of a 133,851-square-foot multifamily building that was completed in 2003 and includes 107 units. This acquisition marks Sandor Development’s first purchase in New York City, according to Traded.
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