Maybe it’s the Trader Joe’s effect?
Investment firm ABC Properties has scooped up nearly half of the residential condominium units at an Upper West Side building owned by the Starrett Corp., where the popular grocery chain is planning to open a new store.
The firm, headed by Arthur Cornfeld, along with investor and developer Myles Horn paid $47.6 million for 129 units at 100 West 93rd Street, otherwise known as 660 Columbus Avenue, a 30-story building located between West 92nd and 93rd streets, according to public records.
ABC also obtained a $27.8 million mortgage from M&T bank, filings show.
Calls to Horn and ABC Properties were not immediately returned.
Starrett, led by Pembroke Companies founder and former Bear Stearns Real Estate Group managing director Larry Cohen, converted the 279-unit building into condos in 2007.
The building has 35,000 square feet of retail space at its base, and Trader Joe’s plans to take about 20,000 square feet, as The Real Deal previously reported.
Party City already occupies more than 13,000 square feet.
Jacob Klein’s New Jersey-based Klein Group purchased the building’s retail condo and parking garage for around $60.5 million in 2015. The deal also included a garage with 31,000 square feet.