Investment fund lists two Soho retail condos

From left: Siraj Dadabhoy, principal of Aion, David Schectman, principal at Eastern Consolidated, 57-63 Greene Street and 21-25 Mercer Street

New York real estate investment fund Aion Partners is marketing two Soho retail condominiums in an effort to capitalize on demand for these types of properties in key locations, Crain’s reported.

The company has listed a 13,700-square-foot condo at 57-63 Greene Street and another at 21-25 Mercer Street, the latter which includes a residential condo unit and three stores. Tenants at the first property include Bang & Olufsen, Cyrus Co. and Raul Carrasco and at the second, Nike, Toto and Surface to Air.

“The tenants are paying at least 40 percent below current rents so there is a great opportunity for upside,” said David Schechtman, a principal at Eastern Consolidated, who is handling the sales. “But you also have solid cash flow.”

The asking prices for the properties are $19 million and $20 million, respectively.

The market for retail condos had been improving this year, Crain’s noted. In the first nine months of 2011, 26 New York City retail condos were sold for a total of $777 million, according to data from Real Capital Analytics. That’s a jump from 15 units sold for a total of $362 million in the same period in 2010. [Crain’s]