Trevi nabs Chelsea retail condo with MNS offices
Trevi Retail paid $13.5 million for a retail condominium at Eighth Avenue and West 20th Street, Crain’s reported, marking its 13th acquisition on the island since launching just eight months ago.
The 9,000-square-foot condo, located underneath student housing for the New School at 189 Eighth Avenue, also came with a $6 million commercial mortgage-backed security loan for which Trevi assumed responsibility. The property was formerly owned by Arun Bhatia.
One part of the condo is leased through 2024 to Rite Aid and the other through 2021 to residential brokerage MNS, which uses the space as one of its two Manhattan offices.
Since CEO Rockie Gajwani left Vornado Realty Trust to launch Trevi, the firm has acquired a handful of Village properties with retail, most recently 155 Bleecker Street. “This is yet another example of Trevi’s focus on executing our strategy to build a portfolio of street retail in Manhattan,” Gajwani said. [Crain’s]