Israeli firm buys UES retail condo for $73M

Gazit-Globe formed U.S. subsidiary in May

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.

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