Bleecker Court residents buy master lease of commercial co-op

TF Cornerstone resi conversion offers nearly 20K sf of retail, office space

TRD New York /
Sep.September 28, 2015 05:00 PM

The residents of a 243-unit residential co-op building in Greenwich Village banded together to acquire the master lease for the retail and office space at its base for $25.8 million, nearly $1,400 per square foot.

The 18,650-square-foot space at Bleecker Court, located at 77 Bleecker Street (649-657 Broadway), spans the ground floor and basement. The ground floor houses four retail tenants – including Sprint, yogurt store Yogorino and body-piercing shop Venus by Maria Tash — and has one vacant space. There are 14 office units, all with windows, on the basement level, as well as 1,800 square feet of storage space.

The building also houses Blades, a skateboard shop, that is not included in the commercial deal.

The co-op’s shareholders view the purchase as a long-term investment, according to MHP Real Estate Services’ Randy Sherman, who represented the residents.

Jeffrey Elghanayan’s Bi-Coastal Properties, an Upper West Side-based investment firm, owned the building’s commercial component. In the 1980s, the Elghanayan family’s TF Cornerstone converted the property from a warehouse to a 250,000-square-foot residential co-op. Jeffrey Elghanayan, who is a member of the real estate family but is not affiliated with Cornerstone, could not be immediately reached for comment.

JLL’s Richard Baxter and Glenn Tolchin represented Bi-Coastal Properties in the deal.

The building, constructed in the 1930s, is part of Greenwich Village’s Noho Historic District. Retail rents are north of $400 per square foot.

Earlier this year, Jeff Sutton bought a retail co-op at 85 Fifth Avenue, near Union Square, from Aby Rosen for $86 million.


Related Articles

arrow_forward_ios
470 Kent Avenue and Naftali Group’s Miki Naftali (Credit: Google Maps, Gonzalo Marroquin/Patrick McMullan via Getty Images)

Naftali closes on large Williamsburg development site for $100M

Naftali closes on large Williamsburg development site for $100M
JLL CEO Christian Ulbrich (Ulbrich by JP Yim/Getty Images for Women’s Forum of New York, iStock)

JLL slashes jobs in NYC capital markets group

JLL slashes jobs in NYC capital markets group
Clockwise from top left: 190 Beach 69th Street, 47-20 Center Boulevard and 2505 Bruckner Boulevard

These were the top outer borough loans last month

These were the top outer borough loans last month
JLL CEO Christian Ulbrich (Ulbrich by JP Yim/Getty Images for Women's Forum of New York)

JLL predicts coronavirus’ impact to extend past 2020

JLL predicts coronavirus’ impact to extend past 2020
Barry Gosin, Sandeep Mathrani and Christian Ulbrich

WeWork taps JLL, Newmark to help negotiate rent relief

WeWork taps JLL, Newmark to help negotiate rent relief
The Real Deal interviews TF Cornerstone's Tom Elghanayan at REBNY's 124th annual banquet.

TF Cornerstone exec: How I got over Amazon dumping LIC

TF Cornerstone exec: How I got over Amazon dumping LIC
JLL President and CEO Christian Ulbrich & JLL Global Chief Financial Officer Stephanie Plaines (Credit: iStock, JLL)

JLL still riding revenue wave after HFF acquisition

JLL still riding revenue wave after HFF acquisition
Glenn Tolchin and Yoav Oelsner (Credit: Jll; Getty Images)

Former JLL brokers launch boutique sales firm

Former JLL brokers launch boutique sales firm
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...