Marcus & Millichap closes sale and arranges financing for 27,541 s/f retail condo at 156-168 Bleecker St.

Manhattan, NY Marcus & Millichap completed the sale and financing of 156-168 Bleecker St., a 27,541-square-foot retail condominium with one residential unit in the South Village Historic District of Greenwich Village. The asset traded for $21.25 million. Mission Capital, a subsidiary of Marcus & Millichap Capital Corp., a leading loan sale advisory and due diligence provider, arranged acquisition financing.

“The property’s secure and stable long-term tenants provide the buyer with strong cash flow and there is upside to be gained through the lease up of the vacant commercial spaces and the residential unit,” said Eric Anton with Marcus & Millichap in the firm’s New York City office. “CVS and Le Poisson Rouge have occupied the property for over 15 years, and CVS’s recent extension partially stabilized the property,” said Adam Steiner. Anton and Steiner of Marcus & Millichap, along with David Tobin, Spencer Kirsch, and Pierre Bonan of Mission Capital represented the seller and procured the buyer.

“156 Bleecker is unique due to its long-term, high-value basement tenant space that typically has limited value,” said Tobin. “Le Poisson Rouge, a well-known live entertainment venue, occupies the famed former Village Gate Theater, which has headlined the likes of Jimi Hendrix and Patti Smith, among many others. It was very exciting to tour this hallowed ground.”

The property has 200-ft. of frontage, occupying the entire blockfront on Bleecker St. between Thompson and SullivanSts., one block from New York University’s 730,000 s/f John A. Paulson Center and the university’s nearly 50,000 students and faculty. The Broadway-Lafayette/Bleecker St. and West Fourth St.-Washington Sq. subway stations and Washington Sq. Park are within a short walk. Popup Bagels, Carbone, Motek, Chopt Creative Salad Co., The Red Lion and Morton Williams are in the immediate vicinity.

Built in 1896, and 79% leased at the time of the sale, 156-168 Bleecker St. has eight retail units totaling 26,752 rentable s/f and one 789 s/f residential unit. In addition to CVS and LPR, the tenant roster includes LiLac Chocolates and Thin Cookies.