The Real Deal New York

TIAA-CREF buys $42M Chelsea retail condo

CVS currently occupies the Sixth Avenue space on a long-term lease
December 23, 2014 05:20PM

Financial services company TIAA-CREF picked up an 18,280-square-foot retail condo in Chelsea for $42 million.

The 636 Sixth Avenue space, at the northeast corner of West 19th Street, is comprised of 9,465 square feet of ground-floor retail and a basement area that also functions as retail space. CVS recently opened in the entire condo on a long-term lease, the Commercial Observer reported.

“This property fulfills our investment strategy to acquire high-quality retail assets in strong urban retail corridors,” said Kevin Waters, the director of northeast acquisitions for TIAA-CREF Real Estate, in a release.

William Macklowe Company, in partnership with Clarion Partners, bought the six-story building containing the unit in early 2011, but Clarion retained sole ownership of the retail condo before selling it to TIAA-CREF on Monday.

JLL’s Jon Caplan, Scott Latham, Anthony Ledesma and Stephen Shapiro represented Clarion in the transaction. [NYO] — Tess Hofmann