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Jeff Sutton and SL Green list retail condo at 141 Fifth Avenue
SL Green Realty and partner Jeff Sutton are selling their retail condominium at 141 Fifth Avenue, between 20th and 21st streets, in the Flatiron District, a spokesperson for the real estate investment trust told Crain’s. HSBC and a Cole Hahn store are currently tenants at the 20,000-square-foot storefront.
Eastdil Secured is marketing the property. The asking price was not immediately available.
Retail condos have been a hot commodity in the city lately, Crain’s said. Inditex, owner of Spanish clothing retailer Zara, broke national records in March when it paid $8,300 per square foot for a retail condo at 666 Fifth Avenue.
In the last two years, retail rents have increased an average of 10 percent, while office rents have fallen an average of 23 percent, according to CoStar data. [Crain’s]