Goldflam of Highcap Group sells
three retail condos for $2.55m

Manhattan, NY Josh Goldflam, co-founder & principal of Highcap Group, arranged the sale of the three retail condos at the base of the high-rise condominium located at 111 Murray St., which sold for $2.55 million. The seller was a partnership of the sponsor developers Witkoff Group and Fisher Brothers and the buyer was the Tal family.

The property is situated in the Tribeca neighborhood on the corner of Murray St. and the West Side Hwy. The three retail condos consist of two condos at the base of the high-rise tower and one condo on the opposite side of the public plaza that the property surrounds. The three condos total 2,700 s/f and they are occupied by Brooklyn Bread who has two other locations in Brooklyn, and Interlude Coffee who has another location on Hudson St. in Tribeca.  The tenants have recently moved into their spaces and are open for business. The property is situated a few blocks north of the World Trade Center site and across the street from the Battery Park City soccer fields. The sale closed in an all cash transaction with a CAP rate yield around 7%.  

Goldflam said “This was a highly-sought after retail asset by many local investors who understand the value of the Tribeca neighborhood and rarity of quality retail condos in this area. The lower price point attracted a significant amount of national investors and there were over 40 offers on the property in a short time frame. The ultimate buyer plans to hold onto the asset for a while as the neighborhood, market, and interest rate environment continue to improve.”