Premier Equities sells retail condos for $20M

Queens-based investor Athena Vrettos picks up properties in East Village, Tribeca

Jul.July 18, 2018 02:30 PM

From left: 13 First Avenue, Uzi Ben-Abraham, Yaron Jacobi, and 271 Church Street (Credit: Getty, Google Maps, and Premier Equities)

Premier Equities sold a pair of retail properties in the East Village and Tribeca to Queens-based investor Athena Vrettos for $20.1 million, sources told The Real Deal.

Premier, headed by founding partners Yaron Jacobi and Uzi Ben-Abraham, paid a total of $11.45 million between 2015 and 2017 to buy the retail condominiums at 13 First Avenue and 271 Church Street (also known as 90 Franklin Street), property records show.

Both retail properties are fully leased, and combined span 10,153 square feet. Tenants at 13 First Avenue, at the corner of First Street, include the bar Boilermaker, a juice bar and the Lazy Llama coffee shop.

Tenants at 271 Franklin include women’s athletic-apparel shop Sweaty Betty, cold-therapy center QuickCryo and the Tracy Anderson fitness studio.

Representatives for Premier and Vrettos could not be immediately reached for comment. Venture Capital PropertiesVickram Jambu, Chris Varjan and Itan Rahmani represented the seller and the buyer in the deal. The brokers declined to comment.

Vickram Jambu, Chris Varjan and Itan Rahmani

Premier Equities in March sold the retail condominium it owned in the Meatpacking District with Thor Equities to Union Investment, a subsidiary of Germany’s DZ Bank , for $87 million.

Vrettos owns small mixed-use properties primarily in the Sunnyside area of Queens.

Related Articles

Brookfield Asset Management CEO Bruce Flatt

“We underwrite every investment like we’re going to hit a recession”: Brookfield CEO

Cadre founder Ryan Williams and Allen Smith

Cadre brings on former Four Seasons CEO as president

AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

250th Issue

The Real Deal celebrates 250 issues

Neir’s Tavern (Credit: Google Maps)

City’s oldest bar, of “Goodfellas” fame, gets last-minute lifeline

Neir's Tavern (Credit: Google Maps)

Landlord to bar owner: You don’t have to go home but you can’t stay here