Retail property sales triple since start of 2013

Dec.December 02, 2013 04:54 PM

Retail property sales hit $445 million in the third quarter, up three times from the first quarter of this year, according to a December market report from commercial brokerage Eastern Consolidated.

Growing confidence among national, international and local buyers buoyed the numbers, Adelaide Polsinelli, senior director at Eastern Consolidated, said. She also pointed to the recent repeal of the so-called 80-20 rule, which capped residential co-ops buildings’ gross income from ground-floor retail at 20 percent, as giving the market supply a boost.

“It’s opening up the value of those leases to other tenants, where before they were sleepy and no one paid attention,” Polsinelli told Crain’s, which first reported the figures.

Buyers of retail properties and tenants searching for space include high-end French designers, with an eye on side streets such as Broome and Mercer in Soho, and Hudson and Horatio in the Meatpacking District, she told Crain’s. New retail developments like the World Trade Center’s block of shops, Fulton Transit Center’s retail concourse and The Broadway Marketplace at the George Washington Bridge Bus Station were also cited in the report.

Eastern Consolidated launched a retail leasing arm last month, a little more than a year after kicking off a retail investment sales group headed by Polsinelli. [Crain’s]Julie Strickland

Related Articles

Clockwise from top left: 312 West 34th Street, 61 North 9th Street, 639 Classon Avenue, and One Fulton Square (Credit: Google Maps)

These were the top 10 NYC retail leases in July

Ricky's at 830 Broadway (Credit: NYC Go)

Ricky’s, iconic NYC beauty shop, faces
more closures

From top, clockwise: Cushman & Wakefield's Joanne Podell, Showfields' Amir Zwickel, Appear Here's Josh Yentob, Brookfield Properties's Mark Kostic (Credit: Getty, LinkedIn)

When it comes to retail, “real estate in New York is fundamentally broken”

Mayor De Blasio distributes information on the coronavirus (Credit: Jeenah Moon/Getty Images)

As coronavirus impacts small businesses, city offers financial relief

595 Madison Avenue (Credit: Vornado)

Coach abruptly shuts doors at Vornado’s 595 Madison

Jeff Sutton and the Prada storefront at 724 Fifth Avenue (Credit: Google Maps)

Prada gives landlord Jeff Sutton a lawsuit for Christmas

McDonald's at 429 Seventh Avenue (Credit: Google Maps)

McDonald’s sells Midtown retail building for $35M

(Credit: iStock)

Chain stores decline in every borough