Retail condos: Not just for the big guys

Eastern Consolidated starts new retail division; low- and mid-range market sees growing activity as investors buy up store spaces

Eastern Consolidated President Daun Paris (left) and Adelaide Polsinelli, head of the retail sales division
Eastern Consolidated President Daun Paris (left) and Adelaide Polsinelli, head of the retail sales division

From the September issue: People say mom-and-pop stores are dying off,” said Adelaide Polsinelli, an investment sales broker with Eastern Consolidated. “But they aren’t dying off poor.”

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A number of mom-and-pop landlords Polsinelli has worked with have recently sold off their Manhattan buildings at a great profit, with the new buyer “condo-ing” the retail — or separating the commercial space from the rest of the building and then selling it. As the demand for these assets has increased in recent years, megadeals like Vornado’s $707 million retail condo purchase at 666 Fifth Avenue have grabbed headlines. [more]