The Real Deal New York

ING Clarion seeks $35M for Lincoln Square retail condo

October 18, 2010 04:00PM
By Adam Pincus

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200 West End Avenue

In an effort to profit from a stabilizing retail market, real estate lender ING Clarion Partners is marketing a Lincoln Square retail condominium at 200 West End Avenue for $35 million, sources familiar with the property said.

The majority of the 26,000-square-foot condo, which covers all the retail space in the 27-story building, is occupied by drugstore chain CVS Pharmacy on a lease that runs through 2024, a source said. The retailer rents a total of about 16,000 square feet including about 10,000 square feet on the ground floor. The entire retail condo is approximately evenly divided with about 13,000 square feet each on the ground floor and the lower level, which is usable retail space. The rest of the condo is vacant, but Clarion is negotiating with a high-end wine merchant for 2,000 square feet.

Clarett Group, based in Midtown South, built the 170-unit condo tower designed by architect Costas Kondylis. The building, located at the corner of 70th Street and West End Avenue, opened in 2008.

ING Clarion Partners, based in Midtown, gained full ownership of the retail condo in June from developer Clarett Group, in a deed transfer that valued the property at $24.8 million, city property records show.

Before taking over full control, the lender owned 90 percent of the equity in the retail portion, according to city records. Clarett Group sold its share at a “market price” that was not represented by the $24.8 million figure, a company spokesperson said. She would not provide the exact price.

Advisory firm Eastdil Secured is marketing the retail property, and bids are due at the end of the month, a source said. Eastdil declined to comment. ING Clarion did not immediately respond to a request for comment.

Retail figures from commercial services firm Cushman & Wakefield show that the availability rate for the Upper West Side declined last quarter to 5.7 percent in third-quarter 2010 from 11.1 percent in third-quarter 2009.

Newmark Knight Frank is marketing the remaining 3,246 square feet on the ground floor and 7,299 square feet on the below-grade level, data from PropertyShark.com shows. The ground floor space is priced at $125 per square foot and the lower level space is being offered for $45 per foot.

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