The Real Deal New York

Edelstein pays $15.8M for 250 Bowery retail condo

August 12, 2013 10:00AM

Just three months after Anthropologie backed out of plans for a store at 250 Bowery, David Edelstein’s Tristar Capital has paid $15.75 million for the retail condominium, Bowery Boogie reported.

Edelstein told Bowery Boogie that he was “excited to play a more active role in the ongoing transformation of this trendy district.”

The deal for the 11,000-square-foot property was brokered by RKF on behalf of the sellers, Zach Vella and Justin Ehrlich, co-founders of VE Equities and developers of the condos on the upper floors. Vella and Ehrlich bought the property in 2010 for nearly $10 million. Bowery Boogie did not include a comment from the sellers.

In June, Anthropologie nixed its lease commitment because the landlords allegedly did not meet several performance dates following Hurricane Sandy storm damage.

A penthouse at the 24-unit building above the retail condo recently broke a price record for the area, as The Real Deal reported. [Bowery Boogie]  – Hiten Samtani