GlobeSt.com EXCLUSIVE: 7,500-SF Retail Condo Sells for $19M

NEW YORK CITY-A group of Atlanta-based private investors acquired a 7,500-sf retail condominium in a new Upper West Side residential complex for $18.6 million. The site is home to a Bank of America branch and Lenscrafters.

Sonnenblick-Goldman Co., acting on behalf of Clarett Capital LLC, arranged the sale of the space at 2770 Broadway, the 22-story, 64-unit condominium recently completed at the southeast corner of West 107th Street. The price represented a 5% cap rate. Sonnenblick has sold a number of other retail condominiums here including 828 Madison Ave., 777 Madison Ave. and the Broadway at 81st Street and Broadway.

“We believed it was the right time to sell the retail condominium,” says Dan Hollander, managing director of Clarett Capital, a joint venture between the Clarett Group and Prudential Real Estate Investors. “The buyer was attracted to the tenancy, the financing available and the quality of the neighborhood,” adds Steven A. Kohn, president of Sonnenblick-Goldman. Clarett Capital is currently developing six New York City properties as well as one Los Angeles property. Construction has begun on Place 57, a 36-story condominium at 207 East 57th St., Chelsea House on West 19th St. and at Sky House, a 54-story luxury building on East 29th St.