Polsinelli of Eastern Consolidated arranges $4.8 million sale of 4,200 s/f retail condo

Eastern Consolidated has arranged an off-market retail property sale, with an investment group led by Walter & Samuels Inc.'s David Berley purchasing the retail condominium building at 119 Fulton St. for $4.8 million. Located between William and Nassau Sts., the 4,200 s/f property includes 2,300 s/f of ground floor retail, 1,900 s/f of basement space, and 25 ft. of frontage on Fulton St. "The Fulton St. corridor is poised to be the next SoHo as the renaissance of The Financial District in downtown Manhattan continues to draw international investor and retailers' interest," said Adelaide Polsinelli, senior director with Eastern Consolidated and head of Eastern's retail sales group, who represented he buyer and seller. "The progress downtown is incredible, and with the advancement of the World Trade Center campus and Brookfield Place, the demand for retail property continues unabated." "With the overall development and expansion of Lower Manhattan, we believe Fulton St. will become one of Downtown's most dynamic corridors," said David Berley, chairman of Walters & Samuels. "Adelaide did an excellent job in shepherding this opportunity to a successful closing. I'm looking forward to the ongoing transformation of Fulton St." The sale of 119 Fulton St. continues Eastern's flurry of retail sales and leasing activity in the area. Polsinelli recently arranged the sale of 90 Chambers St. for $8.5 million, and twice arranged the sale of 119 Chambers St., a 3,000 s/f ground-floor and basement retail condominium. Eastern Consolidated also recently leased the retail space at 125 Fulton St. to LIBC and represented the seller and procured the purchaser in the $23.2 million sale of the two-building parcel at 91-95 Chambers St.