The 8,426 s/f retail component of Devonshire House, a classic pre-war condominium located at 28 E. 10th St. in the Greenwich Village neighborhood, has traded for $10.35 million.
A team from Eastern Consolidated represented the seller, Devonshire Associates LLC, and procured the undisclosed buyer, namely: executive managing directors Ronald Solarz and Eric Anton, vice chairman Brian Ezratty, and senior director Deborah Gutoff.
"We were not at all surprised that this property sold swiftly and at a price commensurate with its prominent location in the most sought-after part of Greenwich Village, just north of Washington Square Park at the southeast corner of University Place," said Solarz.
"Featuring quaint, flourishing shops indigenous to the neighborhood which have operated successfully for over a decade, we knew the retail condo would generate tremendous investor interest because of its location within Devonshire House and, its status of being 100% occupied by local retailers," said Anton.
Designed by celebrated architect Emery Roth in 1928, Devonshire House has just undergone a successful multi-million dollar residential condominium conversion.
Each of the retail units, which averages 605 s/f, is a separate condominium. This configuration allows for small stores that maximize per s/f rents while retaining the flexibility to combine units into large spaces. The 3,584 s/f of cellar space is split among six of the units along University Place.
Attorneys in the sale were Douglas Heller Esq. of Herrick Feinstein LLP for the seller and Richard Sussman Esq. and Eric Orenstein Esq. of Rosenberg & Estis for the buyer.
Founded in 1981, Eastern Consolidated has emerged as one of the country's preeminent full-service real estate investment services firms, combining an unrivaled expertise in the greater New York marketplace with a worldwide roster of institutional and private investor clients. Over the years, it has been responsible for the acquisition, disposition and finance of all types of properties, including office and apartment buildings, lofts, factories, hotels, shopping centers, commercial and residential development sites, taxpayers, parking garages and lots, retail condominiums and air rights transfers. Tags: