N.J. firm pays $20M for FiDi retail condos
New Jersey real estate investment firm the Klein Group, which focuses on retail properties, paid $20 million for four retail condominiums at the residential building the District, at 111 Fulton Street in the Financial District.
The four individual condos are comprised of 17,200 square feet of ground-floor space and 4,620 square feet on the lower level. Currently, about 45 percent of the total space is vacant, Jacob Klein, the president of Klein Group, said. He said the firm was in advanced discussions with various tenants for the available space.
The sold out District, a 163-unit residential condo developed by Africa Israel, Wonder Works Construction and Urban Equities NY, is at the corner of William Street and is two blocks east of the under-construction Fulton Street Transit Center at Broadway.
Retailers including vegetarian Restaurant Crisp and frozen yogurt chain Red Mango, occupy the retail condo parcels.
Klein’s purchase closed Nov. 4 and was recorded in public records last Thursday, city records show. Klein said there were no brokers on the deal.
In March 2010, the Klein Group purchased a much smaller retail condo in the same building for $3.6 million, which is leased by a Chipotle Mexican Grill. Klein Group now controls all the retail condos in the building. Most recently, the Klein Group paid $31 million in July for a 26,000-square-foot retail condo at 200 West End Avenue. — Adam Pincus