W’burg retail condo hits the market for $50M

Price is only $4.5M higher than amount seller paid for it

The Edge at 64 North 6th Street and 164 Kent Avenue
The Edge at 64 North 6th Street and 164 Kent Avenue

Madison Marquette is selling its Williamsburg retail condominium unit known as the Edge for $50 million, just $4.5 million more than the real estate investment firm paid for it.

The company bought the space, which is about 60,000 square feet, with a silent partner in 2014 for $45.5 million, and its similar asking price for the space is yet another sign of retail’s current struggles, according to Crain’s.

The waterfront complex is between North 5th and North 7th streets and includes about 10,000 square feet of vacant space. Tenants include CVS and Brooklyn Harvest Market, and several pay rent at below-market rates.

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Several large residential and commercial projects are located near the Edge, as is Smorgasburg. The retail condo is just part of the Edge, which also includes more than 1,450 residential units.

HFF is handling marketing, and broker Robert Rizzi told Crain’s that the deal had been profitable for Madison Marquette, and buyers would be attracted to its fairly low price.

“Not everyone is driven to try to make their profits by buying for $45 million and selling for $80 million,” he said. [Crain’s]Eddie Small