350 West Broadway retail condo fetches $25.5M

TRD NEW YORK /
Feb.February 27, 2013 12:30 PM

The retail condominium at the Aby Rosen-developed 350 West Broadway has sold for $25.5 million, according to records filed yesterday with the city.

Jones Lang LaSalle exclusively marketed the 11,115-square-foot space. Jason Gold, a senior vice president at JLL, said that the condo sold to a private investor and long-term holder of real estate whose name he could not disclose due to confidentiality agreements.

A corporate entity named 350 West Broadway Retail LLC was listed in city property records as the purchaser, while the seller was listed as AH 350 Retail LLC.

Andre Hornstein appears on the deed as the signatory for AH 350 Retail Member LLC, AH 350 Retail LLC’s sole member and manager, though he could not immediately be identified. An attorney for the buyer, Matthew Danow of Katsky Korins LLP, declined to comment. An attorney linked to the buyer entity in state records, Jeffrey Moerdler of Mintz Levin Cohn Ferris Glovsky and Popeo PC, did not immediately return a message seeking comment.

JLL’s Richard Baxter, Yoron Cohen, Scott Latham and John Caplan comprised the marketing team, Gold said.

“It’s a unique product in that it’s a two-story glass retail box,” Gold said of the retail space, which is located between Broome and Grand streets. “You really don’t see those on the street there.”

The space is currently occupied by Treasure & Bond, Gold said, which is Nordstrom’s high-end philanthropic boutique. The retailer will be there through the end of August. Gold said he doesn’t know if they’ll extend the lease, adding that they have not exercised any extension options.

Gold previously said that the sale of the condominium could fetch between $26 and $30 million.

“We feel that the purchaser paid a premium price in order to preempt the bid process,” Gold said today of the final price paid.

The sale closed on Feb. 12, property records show.

A message to an RFR spokesperson seeking comment was not immediately returned.


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