Volkswagen inks one of year’s biggest retail transactions

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In one of the biggest retail transactions of the year, the Volkswagen Group of America has purchased the 265,000-square-foot Potamkin General Motors building at 798-804 11th Avenue between 55th and 56th streets. The space, which Volkswagen purchased for $84 million and plans to renovate through a $41 million investment, will be used as the flagship Manhattan dealership for Audi and Volkswagen, according to a report released today. Representatives CB Richard Ellis, which represented the buyer, said that the spot was ideal for Volkswagen because of the high number of existing dealerships in the area, including Lexus, Mercedes and BMW. “Volkswagen was committed to its strategic plan to grow in the U.S. market and the Potamkin site ended up fitting perfectly into their business and marketing plan in New York,” said Jedd Nero, a CBRE executive vice president and member of the sales team. TRD

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