The Real Deal New York

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

September 14, 2012 10:30AM
By Guelda Voien

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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.”

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]