Klosed Properties and Namdar Realty acquire 10,193 s/f retail condo for $7.55m

Manhattan, NY Klosed Properties and Namdar Realty Group acquired a fully-leased retail condominium at 140 Essex St. in the Lower East Side for $7.55 million. The property was purchased from Taconic.

The 10,193 s/f retail condominium is 100% occupied and features approximately 140 ft. of frontage along Essex St. The asset is located within Essex Crossing, a two million s/f mixed-use development completed between 2016 and 2019, encompassing more than 1,000 residential units and 300,000 s/f of office space.

Current tenants 375 Showroom and Everything’s Fine benefit from sustained foot traffic driven by the residential and office population within the development.

“Essex Crossing offers a rare combination of scale, density, and long-term fundamentals that are difficult to replicate in Manhattan,” said Steve Kashanian, principal of Klosed Properties. “This acquisition reflects our focus on well-located retail with durable tenancy and built-in demand.”