Klein Group buys Columbus Ave. retail condo for $60M-plus

Deal with Starrett Corp. includes 31K sf parking garage

New York /
Oct.October 28, 2015 03:38 PM

The Klein Group acquired a retail condo and parking garage at 670 Columbus Avenue from Larry Cohen’s Starrett Corp. for over $60 million, according to insiders.

The New Jersey-based retail landlord closed on the two-level, nearly 36,000-square-foot retail space — located at the base of a 30-story, 280-unit condo building between West 92nd and West 93rd streets — for around $60.5 million earlier this month.

The deal also includes a 31,000-square-foot garage currently leased to parking facilities operator Icon Parking Systems.

Party supplies retailer Party City already occupies more than 13,000 square feet of space at the commercial condo, with a Cushman & Wakefield team led by Joanne Podell marketing around 23,000 square feet that currently sits vacant.

Jacob Klein, president of the firm, confirmed the deal. The company holds a portfolio of retail assets focused around Manhattan and New Jersey. The Klein Group’s retail holdings include more than 23,000 square feet at 111 Fulton Street in the Financial District and more than 25,000 square feet at 200 West End Avenue on the Upper West Side.

The company also sold a nearly 14,000-square-foot retail condo at 261 Broadway in Tribeca to the Doria family for $22 million, as The Real Deal reported earlier this year.

The Starrett Corp., led by Pembroke Cos. founder and former Bear Stearns Real Estate Group managing director Larry Cohen, could not be reached for comment. The firm converted the building at 100 West 93rd Street into condominiums in 2007.

A JLL team of Glenn Tolchin, Yoav Oelsner, Richard Baxter and Jason Gold brokered the transaction on behalf of Starrett.

Average asking rent for ground-floor space in the Columbus Avenue retail corridor was $447 per square foot, according to the Real Estate Board of New York’s Spring 2015 retail report.


Related Articles

arrow_forward_ios
From left: Alvin Bragg and Eric Adams (Getty)
City sues East Village landlords over illegal smoke shops
City sues East Village landlords over illegal smoke shops
Bed Bath & Beyond CEO Sue Gove with  460 Third Avenue and 1932 Broadway in Manhattan (Google Maps, Getty, Bed Bath & Beyond)
Say goodnight to these Bed Bath & Beyond stores
Say goodnight to these Bed Bath & Beyond stores
Triple Five Group CEO Don Ghermezian and American Dream Mall in East Rutherford (Getty, World Retail Forum)
Same old story: American Dream mall misses another payment
Same old story: American Dream mall misses another payment
Cannabis shop, marijuana growing facilities
Cannabis entrepreneurs pay premiums for real estate
Cannabis entrepreneurs pay premiums for real estate
Amazon's Andy Jassy with Amazon Fresh store front (Illustration by The Real Deal with Getty, Google maps)
Amazon scraps plans for big-box store
Amazon scraps plans for big-box store
Kohler Interiors' Rachel Kohler with  21-05 51st Avenue (Loopnet, Getty)
Tile retailer Ann Sacks inks 21K sf lease in Long Island City
Tile retailer Ann Sacks inks 21K sf lease in Long Island City
Vornado's Steve Roth with 1540 Broadway
Vornado writes down portfolio by $600M
Vornado writes down portfolio by $600M
(Photo Illustration by The Real Deal with Getty)
Big-box retail growth has Bed Bath & Beyond landlords thinking
Big-box retail growth has Bed Bath & Beyond landlords thinking
arrow_forward_ios

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

Loading...