Cohen and Bernstein of Besen Partners sell mixed-use property for $7.1 million

 

 

Manhattan, NY Besen Partners has completed the sale of 147 Duane St. in TriBeCa for $7.1 million. Ron Cohen and Jay Bernstein exclusively represented the seller, L&J Tribeca LLC, and Anna Ji of Kian Realty procured the purchaser, 147 Duane St LLC. At $7.1 million, the selling price equates to $1,145 per s/f and a 4.3% capitalization rate. 

The property is a five-story mixed-use elevator building containing four free market apartments and 1,000 s/f of retail on the ground floor. The building is 25 ft. wide and has 6,200 s/f plus a usable basement. The apartments are all two-bedroom units with keyed elevator access. The retail is occupied by Glowbar, a skincare spa, known for fast facials. Glowbar’s lease runs through 2026 and the retailer has expansion plans for other NYC locations in the works.   

The seller was represented by Eugene Getty of Kellner Herlihy Getty & Friedman LLP, and the purchaser was represented by Henry Fong of Law Office of Henry Lee Fong. 

Of note, the seller acquired the property in 2001 just prior to 9/11, and closed the sale in the midst of the COVID-19 pandemic. It went on the market for the second time in July 2019, and the contract was signed in January. The closing was done remotely under the circumstances. 

“Completing the sale at a satisfactory price for our seller was admittedly an uphill battle. The listing had already been exposed, and we faced a tentative, if not reluctant market,” said Cohen, chief sales officer at Besen.