The Real Deal New York

Prudential investment closes on Laurel retail 

The three commercial condos sell for $61.6M

September 07, 2011 02:30PM
By Katherine Clarke

[Updated at 2:50 p.m. and 3.30 p.m. with most recent sales figures for the Laurel and a statement from Studley] Real estate investment firm Prudential Real Estate Investors has closed on its purchase of three separate commercial condominium units, including one parking garage, at the Alexico Group’s Laurel condominium building at 400 East 67th Street, according to public records filed with the city today. The units were acquired Aug. 24 for a combined $61.6 million, records show.

Alexico recently signed TD Bank as a retail tenant at the building. Quik Park, a parking facility, currently occupies one of the other lots. Quik Park wasn’t immediately available for comment.

Woody Heller, Will Silverman and Eric Negrin of Studley’s Capital Transactions Group represented Alexico in the transaction. Prudential handled the deal in house. 

“The Laurel represented a rare package in New York City: class A real estate, long-term leases and investment grade credit, but with a mortal transaction size,” Heller said. “This unusual combination garnered the interest of institutional investors both domestic and foreign and reflects the market’s appetite for the asset class.”

No word as yet on what Prudential’s plans for the units might be. Representatives from Alexico were not immediately available for comment. A representative for Prudential said the company declined to comment until it issues an official release this afternoon.

As for the residential units at the Laurel, a spokesperson for Corcoran Sunshine Marketing Group, which is handling sales for the Upper East Side property, said the units are 70 percent sold.

Alexico executive Louise Sunshine is among those who have recently purchased a unit at the property.

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