The Real Deal New York

380 Columbus commercial condo up for grabs for the first time

By Zachary Kussin | April 03, 2013 02:30PM

The nearly 12,000-square-foot commercial condominium at 380 Columbus Avenue is being put on the market for the first time since the building was constructed in 1900, The Real Deal has learned.

A team of brokers at Eastern Consolidated, led by Executive Managing Director David Schechtman, has been retained to sell the space with an asking price of $23.5 million.

“The market dictates price, but we think it’s a very fair price given the location and [because] it’s never been offered for sale previously,” Schechtman told The Real Deal.

Newcastle Realty Services, the building’s owner, created the condo out of the ground and basement levels of three retail spaces — a move that was recently approved by the New York Attorney General’s office.

The fully occupied space is currently leased to three tenants: restaurants Ocean Grill and Gazala’s, plus 78 Below, a music venue, bar and restaurant.

The building is located across from the American Museum of Natural History and within the Columbus Avenue Business Improvement District.

Newcastle purchased the building for $50 million from Joben Realty Associates late last year, as The Real Deal first reported.