The Real Deal New York

Macklowe Properties unloads East 72nd Street retail condo

RFR Realty picks up 4,000-square-foot retail spread for $19.9 million
March 20, 2014 03:10PM

The retail condominium at the base of Macklowe Properties’ 150 East 72nd Street condominium conversion has been sold for around $20 million.

RFR Realty picked up the retail spread, with includes a 4,000-square-foot ground floor space, with an additional 900 square feet of below-grade space, according to a release from Cushman & Wakefield. The more than 150 feet of retail frontage is made up of four individual retail storefronts.

Helen Hwang, Nat Rockett, Steve Kohn, Karen Widenmann and John LiGreci of Cushman & Wakefield New York Capital Markets represented Macklowe in the deal. It was not immediately certain what broker represented RFR.

“With in-place leases rolling in mid-2014, the investor has the rare opportunity to realize a prime luxury vision for the retail unit,” Hwang said in the release.

Macklowe tapped Cushman to market the retail space back in November, as The Real Deal reported at the time. Three of the units might be combined to create one contiguous corner storefront, thanks to near-term lease expirations, Cushman told TRD in November. The company said that the unit was expected to fetch a price of $20 million or. — Julie Strickland