According to Issac Hera, chief executive officer, Brack Capital Real Estate USA (BCRE), the company has sold the retail portion of its residential development at 15 Union Square West in New York City to the State Teachers Retirement System of Ohio (STRS) for $57.88 million.
The retail space consists of four retail stores on the first, mezzanine, and cellar floors of the building, totaling 14,494 s/f. Three of the stores are currently leased; one to HSBC Bank, one to Lululemon Athletica, and another to Sketchers. The remaining space, consisting of 3,860 s/f on 15th St. is currently available for rent.
According to Hera, "This sale indicates the strength of Union Square as one of the city's best places to live, shop and work, and is a strong testament to 15 Union Square West's iconic location and lasting value."
Bill Shanahan and Darcy Stacom of CBRE represented Brack Capital Real Estate. Tags: