German investors pay $110M for Upper East Side retail space
Deal for Manhattan House is GLL Real Estate's second buy since June
Just two months after picking up a Times Square commercial space, GLL Real Estate Partners has snagged a full-block retail condo on the Upper East Side.
The German real estate investment firm paid $110 million for the 100,000-square-foot space on the ground floor at Manhattan House. Duane Reade, Staples and Lululemon are among the tenants that currently occupy the space, which takes up the block between Second and Third avenues and 65th and 66th streets.
The sellers were Madison Capital and JPMorgan Chase. The pair picked up the property in 2008 for $86 million. The two firms were represented in the deal by a Jones Lang LaSalle team headed by Richard Baxter and Jon Caplan.
In June, GLL Real Estate Partners bought a 17,000-square-foot retail space at the base of the Hilton Garden Inn, currently under construction at 140 West 42nd Street. [Crain’s] — Tom DiChristopher