LES developer offloads retail property for $21M

TRD NEW YORK /
Jan.January 30, 2013 05:35 PM

Lower East Side staple Angelo Cosentini, the developer of the famed Blue building at 105 Norfolk Street, has unloaded another of his holdings in the trendy neighborhood, according to public records filed with the city today.

Cosentini has sold a three-story retail property at 126-130 Delancey Street, on the corner of Norfolk Street, for $21 million, records show. He had been asking $22.75 million for the property, which had been on the market for several years but was most recently marketed by Massey Knakal Realty Services.

The building, which has approximately 22,875 square feet above grade, came on the market most recently in October. Its retail spaces are fully occupied by three tenants: Payless Shoe Source, which has 3,300 square feet on the ground floor; the Children’s Place, which has 3,700 square feet on the ground floor and 2,500 square feet on the lower level; and the Comprehensive Center for Rehabilitation, which has 3,000 square feet on the lower level and 15,875 square feet on the entire second and third floors. Those leases all expire in 2021, according to Massey Knakal’s marketing materials.

The buyer of the property is Carter Management, a full-service real estate development, management and consulting organization. Cosentini, Carter and Massey Knakal did not immediately respond to a request for comment.


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