The Real Deal New York

STRS Ohio looks to sell retail condo at 15 Union Sq. West

Chinese restaurant Lotus Blue inked lease for space next to Skechers, HSBC
By Mark Maurer | February 10, 2017 06:40PM

15 Union Square West

The State Teachers Retirement System of Ohio is putting its retail condominium unit at 15 Union Square West on the market, sources told The Real Deal.

The pension fund has been in talks with brokerages such as Cushman & Wakefield, CBRE and Colliers International to market the 15,000-square-foot space at the base of a 12-story, 89,240-square-foot residential condo building directly west of Union Square, sources said. A brokerage has not yet been selected, sources said.

Sources familiar with the condo said it could sell for north of $60 million.

Brack Capital Real Estate converted the former Tiffany & Company headquarters into 35 condos and four retail units after buying it in 2006. The State Teachers Retirement System of Ohio acquired the retail portion for $57.9 million in 2011.

The condo’s tenants include Skechers, HSBC, and Lululemon Athletica, which subleases its space to girls’ activewear retailer Ivivva. Chinese restaurant Lotus Blue Dongtian Kitchen Bar recently signed a lease for a space asking $43,750 per month.

A spokesperson for STRS did not immediately respond to a request for comment.