Macklowe taps Cushman to market 150 East 72nd retail

New York /
Nov.November 12, 2013 12:17 PM

Macklowe Properties is looking to sell the retail condominium at the base of its new residential condo conversion at 150 East 72nd Street. The company has tapped commercial brokerage Cushman & Wakefield to market the property, the brokerage told The Real Deal exclusively today.

The condo, on the southeast corner of Lexington Avenue and East 72nd Street, is currently configured as four individual retail storefronts, totaling 4,000 square feet of ground floor space and 1,300 square feet of below-grade space on the lower level.

Three of the units might be combined to create one contiguous corner storefront, thanks to near-term lease expirations, Cushman said. The space is currently occupied by several antique stores and men’s boutique Peter Elliot Blue, according to CoStar.

The brokers marketing the property are Helen Hwang, Nat Rockett, Steve Kohn, Karen Wiedenmann, Gideon Gil and John LiGreci of the firm’s capital markets team. There is no official price tag on the property, according to a spokesperson for the company, who indicated that the unit was expected to get around $20 million. Other sources told The Real Deal that number was too high.

“The retail condominium at 150 East 72nd Street provides investors flexibility to add value by creating one large, corner storefront or subdividing into multiple boutique shops,” Hwang said in a statement.

Macklowe acquired the entire Renaissance Revival building in 2011 for $70 million and set about completing a high-end condominium conversion on the residential side. The redesign was helmed by Handel Architects and Moed de Armas & Shannon. The 34 units were already 50 percent sold by June and StreetEasy now shows only five active listings. – Katherine Clarke


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