From the September issue: People say mom-and-pop stores are dying off,” said Adelaide Polsinelli, an investment sales broker with Eastern Consolidated. “But they aren’t dying off poor.”
A number of mom-and-pop landlords Polsinelli has worked with have recently sold off their Manhattan buildings at a great profit, with the new buyer “condo-ing” the retail — or separating the commercial space from the rest of the building and then selling it. As the demand for these assets has increased in recent years, megadeals like Vornado’s $707 million retail condo purchase at 666 Fifth Avenue have grabbed headlines. [more]