City’s retail condo supply sees upswing

The number of retail condominiums for sale in the city is on the rise, with the supply already up by 30 percent this year as developers have adjusted to the new economic landscape, brokers told Crain’s. Next year, “there will be more coming through the pipeline once the foreclosures and loans are settled,” said Adelaide Polsinelli, associate vice president at Marcus & Millichap. While an influx of new retail space coming on the market could test the recovery as pent-up demand diminishes, things are, so far, looking good for developers. At the Devonshire House in Greenwich Village, the Brodsky Organization paid $10.35 million to purchase the buiding’s 8,400-square-foot retail condo in July. And Beck Street Capital recently launched a renewed sales effort on six Bleecker Street retail condos that have been languishing on the market since 2008. [Crain’s]