New York
Gazit refinances Upper East Side retail hub for $134M
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Colliers CEO buys Upper East Side retail hub for $153M
Jay Hennick’s family office acquires fully-leased site from Gazit Horizons
Hennick & Company chair Jay Hennick along with 410 East 60th Street (Getty, Hennick & Company, Google Maps)
The chief executive officer of Colliers International made a bet on commercial real estate with sizable acquisition through his family office.
Hennick & Company bought the retail hub at 410 East 60th Street in the Upper East Side for $153 million, Bisnow reported. Jay Hennick’s family office acquired the condo from Gazit Horizons, a subsidiary of Israeli real estate firm G City.
The retail space is fully leased, including a Starbucks storefront. Home Depot signed a lease to take over 120,000 square feet from Bed Bath & Beyond, Manhattan’s largest such deal in 2020, but has yet to open more than three years later.
The retail condo last traded hands in 2017, when Gazit bought most of the property’s real estate space from the Brodsky Organization for $73.3 million and acquired the rest the following year. Gazit proceeded to make $20 million in upgrades for Home Depot.
In 2021, Gazit refinanced the retail condo with $134.4 million in permanent credit term lease bond financing, secured by the property and Home Depot’s lease. The firm generated roughly $30 million in proceeds on its initial investment from the refinancing.
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The retail condo sits at the base of the Bridge Tower apartment building, which was not included in the sale.
Gazit and Hennick are becoming frequent partners on deals across North America. Hennick’s family office and Gazit jointly acquired and still own stakes in properties in Cambridge’s Harvard Square and the York Mills Centre in Toronto.
Hennick has been the CEO of Colliers since 2015, when it merged with his company, FirstService Corp. In the first nine months of last year, Colliers made $3.1 billion in revenue, down 4 percent year-over-year as the commercial brokerage business coped with the higher interest rate environment.
— Holden Walter-Warner