Bond Street retail condo hits market for $13M

Property is home to menswear store Billy Reid

Jan.January 03, 2014 03:18 PM

A Bond Street corner retail condominium housing designer menswear store Billy Reid has hit the market for $13 million, listing broker Jerome Benayoun, founder of investment company Black Diamond Advisory Group, told The Real Deal.

The 4,622-square-foot space, at 54 Bond Street, is located on the ground floor of a luxury condo project built by developer Adam Gordon. The white, cast-iron building, on the corner of the Bowery, was previously the site of the Bouwerie Lane Theatre.

Gordon sold the retail condo to a foreign investment partnership for $5.5 million in 2010. The partnership is now looking to offload the property since its principals have different priorities moving forward, according to Benayoun.

The partnership, known as YHD Bowery Commercial LLC, could not be reached for comment.

It was rumored last year that luxury fashion retailer Intermix had signed on to lease the condo, but those rumors were quickly quashed. Indeed, Billy Reid’s lease does not expire until 2018. Intermix later signed on for another location nearby, at 332 Bowery.

The condo is comprised of two retail spaces separated by the lobby of the building. Each has a dedicated entrance on both Bowery and Bond Street. Billy Reid occupies 1,024 square feet of ground floor space and 1,049 square feet on the lower level.

Meanwhile, Bowery retail has been heating up. In one recent high-profile transaction, David Edelstein’s Tristar Capital paid $15.75 million for the 11,000-square-foot retail condominium at VE Equities condo development 250 Bowery last year. Prior to the sale, the retailer slated for the location, Athropologie, backed out of the reported deal to lease the space.

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