Israeli firm buys UES retail condo for $73M

Gazit-Globe formed U.S. subsidiary in May

New York /
Oct.October 03, 2017 06:12 PM

A subsidiary of Israeli real estate investment firm Gazit-Globe shelled out $73.3 million for the Brodsky Organization’s 92,000-square foot retail condominium at 401 East 60th Street, the buyer told The Real Deal.

The space at the corner of First Avenue is fully occupied by two tenants, Starbucks and Bed, Bath & Beyond.

CBRE’s Darcy Stacom, Bill Shanahan, Ryan Spector and Carl Shorett brokered the sale, which comes out to around $800 per square foot.

Brodsky developed the property, which includes the retail space, a garage and an apartment building, in 1999.

Gazit-Globe is a major owner of shopping centers around the globe and owns the Barneys store at 161 West 16th Street in Chelsea. In May, the company formed the subsidiary Gazit Horizons to invest in U.S. real estate. The retail condo is its second U.S. acquisition, following a $29.45 million deal in Miami in July.

“Brick-and-mortar [retail], where 80% to 90% of the sales take place, is still a powerful environment for brand building, cultivating loyalty and experiential retail,” Gazit-Globe chair Chaim Katzman told the Wall Street Journal in August.


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Zillow CEO Rich Barton (Getty, iStock)
Zillow hits the brakes on iBuying
Zillow hits the brakes on iBuying
More than 27,000 Long Island households behind on rent
More than 27,000 Long Island households behind on rent
More than 27,000 Long Island households behind on rent
91 Sergio Franchi Drive and Sergio Franchi (Sotheby's, Getty)
Sergio Franchi’s 200-acre Connecticut estate lists for $12.6M
Sergio Franchi’s 200-acre Connecticut estate lists for $12.6M
Automatic for the people: SmartRent CEO on why landlords are going all-in on connected homes
Automatic for the people: SmartRent CEO on why landlords are going all-in on connected homes
Automatic for the people: SmartRent CEO on why landlords are going all-in on connected homes
Offset and Cardi B with the Dominican Republic mansion (Getty, Airbnb, Celebrity Brokers Antonio Khoury and Brandi Hunter)
Offset buys Cardi B a hilltop mansion in the Dominican Republic for her birthday
Offset buys Cardi B a hilltop mansion in the Dominican Republic for her birthday
arrow_forward_ios

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

Loading...