Retail condo sold in red hot SoHo.Both Valentino's Missoni store in SoHo at 426 West Broadway and the adjacent women's high-fashion outlet Max Studio have been sold for $8.95 million. The 8,220 s/f five-unit retail condominium also included a third 350 s/f ground floor space, now vacant, and two lower level spaces beneath Missoni and Max Studio respectively, the smaller of which (650 square feet) is leased to a high-end sound studio. Eastern Consolidated's Stuart Gross, executive managing director and a principal of the firm, represented the seller, Todd Aaron of Resolution Capital, while Eastern Consolidated's Martin Ezratty, director, procured the purchaser, Marvin Shulsky of Shulsky Properties. Both buyer and seller are New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City-based real estate investors. "SoHo mid-block on West Broadway between Spring and Prince Street is unquestionably un·ques·tion·a·ble adj. Beyond question or doubt. See Synonyms at authentic. un·ques  tion·a·bil one of the hottest retail strips in the
city," said Gross, "and since the stores are leased at under
market rents, there was a tremendous upside potential Upside potentialThe amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar to acquiring them. "The sales price is reflective of today's heady investment market for retail sites in SoHo." According to Ezratty, "My client benefits from the stable cash flow coming from the current tenants, world-class fashion designers, and can also benefit by bringing the rents to market rates upon lease renewal. Plus the location, with neighboring stores DKNY DKNY Donna Karan New York , Dolce dol·ce Music adv. & adj. In a gentle and sweet manner. Used chiefly as a direction. [From Italian, sweet, from Latin dulcis.] Adv. 1. & Gabbana, Diesel, Emporio Armani, French Connection, Liz Claiborne, and Elie Tahari, is incomparable." Attorneys in the transaction were Sam Ross, Esq. of Olsham, Grundman, Frome, Rosenzweig & Wolosky LLP LLP - Lower Layer Protocol for the buyer, and Anthony J. Schlor, Esq. of Herrick, Feinstein LLP for the seller. |
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