Nassimi Realty buys Chelsea corner retail condo at deep discount
Manhattan, NY Nassimi Realty has acquired a 9,500 s/f corner retail condominium at Seventh Ave. and West 24th St. in Chelsea in an all-cash deal, capitalizing on continued distress in the city's retail pricing.
The retail condo, comprising nearly 6,000 s/f at grade and an additional 3,500 s/f below grade, was acquired by Nassimi Realty at a substantial discount to its last recorded trade.
The property is vacant, offering the opportunity to reposition a retail corner with 110 ft. of wraparound frontage. The space is situated across from the original Whole Foods Market and Crumbl Cookies, surrounded by a mix of national and credit-rated tenants, and benefits from visibility and pedestrian flow from the surrounding residential buildings.
Newmark’s Brett Siegel, Eric Roth, Maurice Suede, and Harold James represented the seller. The buyer was self-represented.
Nassimi Realty plans to reposition the asset, capitalizing on improving fundamentals for well-located local retail as leasing activity rebounds along major corridors.
“This acquisition reflects our confidence in the long-term fundamentals of Manhattan retail and our ability to unlock value through strategic repositioning,” said Kevin Nassimi, principal at Nassimi Realty. “With its prime corner location and superior frontage, this asset represents the type of opportunity our firm is built for.”
The acquisition underscores Nassimi Realty’s continued focus on urban retail assets in core markets, with an emphasis on properties offering downside protection and upside through leasing and re-tenanting strategies.