Israeli firm buys UES retail condo for $73M

Gazit-Globe formed U.S. subsidiary in May

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

From left: Gazit Horizons CEO Jeff Mooallem, 401 East 60th Street and Darcy Stacom

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
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

WeWork’s side businesses are fizzling

Robert Shapiro gets 25 years in prison for massive Ponzi scheme

From left: RealPlus' Eric Gordon, Corcoran's Pam Liebman, Halstead's Diane Ramirez, Douglas Elliman's Howard Lorber and Brown Harris Stevens' Bess Freedman (Credit: Eric Gordon by Emily Assiran, Getty Images, Halstead, BHS, iStock)

Terra sells part of RealPlus stake to Corcoran and Elliman

Join The Real Deal at its sixth annual Miami Showcase & Forum this week

London real estate at the heart of mysterious Vatican scandal

From left: Governor Andrew Cuomo, Mayor Bill de Blasio, and Tax Equity's Martha Stark (Credit: Getty Images and NYU Wagner)

NYC’s bid to kill property-tax lawsuit back in court

arrow_forward_ios