The Astor Retail Condominium - New York, NYNew York, NY Cushman & Wakefield, Inc. served as the exclusive advisor to an affiliate of Vanbarton Group LLC in arranging $67.5 million of acquisition financing for The Astor Retail Condominium, a 31,210 s/f retail condo located at 2139-2157 Broadway. The floating rate financing was provided by an affiliate of Mesa West Capital, LLC.
The property comprises 31,210 s/f of desirable Manhattan retail located at the base of The Astor, a 12-story prewar full-block residential complex located on Broadway between West 75th St. and West 76th St. on Manhattan’s Upper West Side. The retail condominium consists of 18,902 s/f of ground floor space spanning the entire westerly block front of Broadway between 75th and 76th St., along with three side street stores and 12,308 s/f on the basement level. The property is 100% leased to nine commercial tenants, including luxury department store Barneys New York, high-end athletic apparel retailer Lululemon, and other high-end retailers, including Stuart Weitzman, Papyrus and L’Occitane.
“This property had all the right ingredients for a successful financing execution: ideal location, high quality tenancy and strong sponsorship,” said Steve Kohn, president of Cushman & Wakefield Equity, debt & structured finance.
Senior managing director Alex Hernandez said, “With so few opportunities to gain exposure to large, institutional quality urban retail in Manhattan, the lending market was eager to participate with Vanbarton on the acquisition.”
The Cushman & Wakefield Equity, debt and structured finance team included Steve Kohn, Alex Hernandez and Alex Lapidus.
Sign up is quick, easy, & FREE.