Manhattan, NY Cushman & Wakefield has arranged the $26.5 million sale of 212 Fifth Ave., a 4,620 s/f retail condominium.
Cushman & Wakefield’s vice chairman John Ciraulo and senior director Craig Waggner led the marketing efforts on behalf of the sellers, Building and Land Technology (BLT) and Madison Equities. The property was purchased by Eunate Real Estate NY, LLC who was represented by Christine Traina of The Traina Team at Douglas Elliman Real Estate specializing in commercial real estate and Elissa Slan of Douglas Elliman Real Estate.
“The buyer’s objective was to invest in first class properties with a longer-term strategic outlook, making 212 Fifth Ave. an extremely notable option,” said Ciraulo.
Waggner said, “The buyer was driven by the unparalleled location of the trending NoMad neighborhood, the Fifth Ave. address, tremendous in-place cash flow and stability from having long-term leases.”
212 Fifth Ave. offers over 200 ft. of wraparound frontage, including two prime corners of Fifth Ave. and Broadway along West 26th St. With the retail unit being divided into three stores by the seller, the buyer will be able to mitigate risk in the event a store becomes vacant. At the time of sale, the unit was 100% occupied with long-term newer leases ranging from 10 to 15 years and was sold for a 4.6% cap rate.
The property benefits from its proximity to the Flatiron shopping district and numerous nearby dining and fitness locations. Residential development is also on the rise with over 700 new units slated to hit the market in the next two years, spurred by momentum in the hospitality and retail industries as well as an influx of creative businesses.
The surrounding office market is experiencing record highs in terms of leasing activity, asking rents and one of the nation’s lowest vacancy rates. The property is easily accessible by the R, W and 6 trains, as well as multiple bus lines.