Apthorp retail space to sell for $37M

Jan.January 18, 2011 02:03 PM

[Update: 2:25 p.m.] The Apthorp’s 14,875-square-foot retail condominium is in contract for $37 million, according to the buyer, real estate investment company William Friedland. The retail space, located in the residential building’s ground floor on Broadway between 78th and 79th streets, contains four storefronts. Current tenants there include JPMorgan Chase and the Apthorp Pharmacy. The other two units, which are 1,560 square feet and 2,460 square feet, will be available for rent, according to William Friedland, which said it expects the sale to close early next month. Despite mounting tensions surrounding the sale of residential units at the Upper West Side condominium conversion, where Corcoran Sunshine Marketing Group took over sales in October last year, Andrew Ratner, executive vice president of building manager Broadwall Management, said that the sale reflects positive momentum at the building. “As we move forward with the conversion of the Apthorp from rental to a residential condominium, this sale is another indication of the financial strength and stability of the project,” Ratner said. “We decided to sell the Retail Unit now because we received a very fair offer from a reputable buyer with whom we would be pleased to affiliate” CB Richard Ellis brokers Darcy Stacom and Paul Gillen represented the sponsor, while William Friedland acted without representation. TRD

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