The Real Deal New York

Keystone Group lists retail co-op at the De Soto

Space in UWS building was formerly occupied by Capital One Bank

March 20, 2014 01:25PM
By Mark Maurer

de-soto

From left: 2460 Broadway, Glenn Tolchin and Yoav Oelsner

UPDATED, 11:42 a.m., March 21: Erez Itzhaki’s Keystone Group put the retail co-op at the De Soto building on the Upper West Side on the market for nearly $13 million, The Real Deal has learned.

The 8,600-square-foot space at the base of 2460 Broadway, also known as 215 West 91st Street, was formerly leased to Capital One Bank, but has been vacant for more than a year. The residential component of the prewar elevator building holds 89 co-op units, many of which feature 14-foot-high ceilings. Douglas Elliman Property Management serves as building manager.

Glenn Tolchin and Yoav Oelsner of Jones Lang LaSalle have the listing.

The retail unit offers 93 feet of frontage on Broadway, and 5,700 square feet on the ground floor. The long-term master lease expires in 2085. Itzhaki, who has owned the space for about a year, said the asking rent is $275 per square feet and would ideally be occupied by a bank. Keystone specializes in acquiring retail spaces and multi-family buildings.

The 12-story property was converted to co-ops in 1979, records show.

Elsewhere uptown, retail deals have been cropping up recently. Ashenazy Acquisition Corporation bought the six-unit retail component at Cheshire Group’s Philip House in Carnegie Hill for $17 million. Real estate firm Walter & Samuels acquired a 9,550-square-foot retail condo at 2770 Broadway, a 20-story luxury building known as Opus Condominiums, for $20.3 million, as The Real Deal reported.

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