Manhattan, NY Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, sold a retail condominium in the Lower East Side for $6.5 million. Senior executive managing director, David Schechtman, and managing directors, Abie Kassin and Lipa Lieberman, represented the seller and procured the buyer.
152 Elizabeth St. consists of 2,200 s/f of retail space at the base of a new luxury residential condominium developed by Sumaida + Khurana and designed by Prtizker Prize-winning Japanese architect, Tadao Ando. A new 10-year lease has been signed on the retail condominium by high-end international retailer, Issey Miyake. With 60 feet of frontage along Elizabeth Street, the space enjoys high visibility in an accessible location just one block from the J and Z subway lines at the Bowery station and a short walk from the B, D, A, and F trains at the Grand St. and Delancey St. stations.
The Lower East Side neighborhood is home to some of the best nightlife, dining, and entertainment options in the city. 152 Elizabeth St. benefits from immediate access to popular attractions including the Bowery Ballroom and Tenement Museum in addition to a wide array of trendy restaurants and bars.
“Our 1031 buyers purchased this high-end retail condominium leased to world-class retailer Issey Miyake at the base of an ultra-luxury building with a $20 million penthouse on one of the most sought-after corners in Manhattan. Elizabeth and Kenmare Sts. are flanked by notable restaurants, retail, and luxury housing in a bourgeoning neighborhood,” said Schechtman.