New Jersey-based office landlord ML7 is breaking into the Manhattan market with the acquisition of a pair of commercial condos at the base of a seven-story Tribeca apartment building, The Real Deal has learned.
But as one investor debuts in the city, another is phasing out. The seller, MacKenzie Door Company, owned the retail and office component at 70-72 Reade Street, also known as 112-114 Duane Street, for more than 30 years, but now plans to move most of its operations to New Jersey.
The deal closed today for $18 million, the brokers confirmed.
The commercial condos span a combined 32,000 square feet across the first two floors and lower levels. The space will be delivered vacant, said Skyline Properties’ Robert Khodadadian, who represented the buyer.
ML7 plans to convert the second-floor office space into two residential condos roughly 4,000 square feet apiece. The units are slated to feature 14-foot-high ceilings and cast-iron columns.
“This block of Reade Street is currently undergoing a complete transformation with many of the surrounding buildings under development,” Jeffrey Siegel, president of ML7, said.
RKF’s Brian Segall, the seller’s broker along with Chris Masi, said “it was unique representing a company that’s been on Reade for more than 70 years.”
In February, the Doria family — the founders of gourmet grocery store Grace’s Marketplace — bought the retail component at 261 Broadway for $22 million at nearby 261 Broadway.