Related and BLDG buy retail condo at 123 Third Avenue

July 05, 2011 04:08PM

[Updated at 4.30 p.m.] Developer Andrew Bradfield’s luck is continuing with 123 Third Avenue, a luxury condominium at the southeast corner of East 14th Street and Union Square. The 2,928-square-foot retail condominium at the base of the 19-story Orange Management building just sold for $11.05 million to Related Companies and Lloyd Goldman’s BLDG Management, according to public records.  RKF Investment Sales and Advisory Services brokered the deal.

The condo, which features 126 feet of wraparound frontage, is currently fully occupied by Capital One Bank.

RFK Executive Vice Presidents Jeff Fishman and Ariel Schuster and Director Brian Segall negotiated both sides of the deal.

Earlier this year, The Real Deal reported that after a mortgage default at 22 Renwick Street, between Spring and Canal streets, Orange had finally scored a win with 123 Third Avenue.

“Sales and construction at 123 Third Avenue have progressed with remarkable speed,” Elaine Diratz, managing director for Corcoran Sunshine Marketing Group, the exclusive agent for the building, said at the time.

There are still only four penthouses remaining, according to Streeteasy.com, ranging in price from $3.6 million for a 2,027-square-foot two-bedroom duplex to $4.525 million for a 2,334-square-foot three-bedroom unit. — Katherine Clarke