Vornado looks to sell retail condo, apartments at UES building

Offering at the Lucida could fetch $225M: sources 

New York /
Sep.September 26, 2017 06:10 PM

Vornado Realty Trust is looking to sell off a fully leased retail condo and a block of apartments at the Lucida on the Upper East Side.

The real estate investment trust brought on Eastdil Secured to market the building at 151 East 85th Street, Real Estate Alert reported. Sources said the property is expected to trade for around $225 million.

The offering includes 96,000 square feet of retail, which is occupied by Bank of America, Barnes & Noble, H&M and Sephora. It also includes 24 apartments inside the 146,000-square-foot building.

The retail and apartments are on a ground lease with the estate of Sol Goldman through 2082. Vornado bought them for $165 million in 2010 from Extell Development and the Carlyle Group, which developed the property in 2007.

The offering is one of the last properties remaining in Vornado’s $800 million Vornado Capital Partners Fund.

The Lucida holds roughly 100 individually owned residential condos. Average asking rents for ground-floor retail space on East 86th Street between Lexington and Second avenues fell 12 percent in the spring to $399 per square foot from a year ago, according to data from Real Estate Board of New York. [REA] – Rich Bockmann


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