Manhattan, NY A 5,200 s/f retail condo at 136 West 22nd St. has sold to
a nonprofit visual arts and design school for $2.185 million, or $858 per s/f.
Eastern Consolidated's senior director Peter Carillo, and associate director
Alexander Erdos, Esq., brought in and represented the seller, Spyro
Avdoulos, and associate director Robert Khodadadian procured the buyer,
Skowhegan School of Painting and Sculpture. 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.
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. Khodadadian represented the seller, and the buyer of the
property, both local investors.
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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