Cohen Real Estate has arranged the off-market sale of the retail condominium at 2770 Broadway for $20.25 million. The space, which sits at the base of the 20-story Opus Condominiums, is located on the corner of 107th St. and Broadway on the Upper West Side. The transaction encompasses 9,500 s/f of retail space on the ground floor and basement levels, and is currently occupied by two tenants, Bank of America and Lens Crafters.
Ric Kaiser, senior executive director at Cohen, represented both the buyer - David Berley, chairman of the venerable real estate firm Walter & Samuels - and the seller, Charles Ackerman, founder and chairman of Ackerman and Co., a commercial real estate firm based in Atlanta since its 1967 inception.
"Multiple investors had their eye on this property given the desirable corner location and vibrant surrounding neighborhood," said Kaiser. "In addition to the prime location, investors were attracted by the two credit-rated tenants that have long term potential and provide essential services for area residents."
The sale of the retail condominium at 2770 Broadway continues Cohen's increasing presence in the city's market for retail condominiums. Cohen, in quick succession, also completed the $10.9 million sale of a retail condominium at 350 Bleecker St. and the $13.4 million off-market sale of three retail units and six rental apartments at 1 Bleecker St., 3 Bleecker St. and 324 Bowery St. In both of those cases, Cohen personnel represented the buyer and seller.
Kaiser said, "Working with two highly sophisticated, seasoned industry veterans enabled the mutually beneficial deal to be negotiated quickly. Both are first-class professionals who understand the value in this type of property."
"The retail condominium market is enjoying favorable conditions right now and we're excited about the prospects for the future." Tags: