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Brack sells 15 USW retail for $58m.

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Issac Hera, chief executive officer, Brack Capital Real Estate USA (BCRE), announced that the company has sold the retail portion of its residential development al 15 Union Square West to the State Teachers Retirement System of Ohio (STRS) for $57.88 million.

The retail space consists of four retail stores on the first, mezzanine, and cellar floors of the building, totaling 14,494 square feet.

Three of the stores are currently leased; one to HSBC Bank, one to Lululemon Athletica, and another to Sketchers.

The remaining space, consisting of approximately 3,860 square feet on 15th Street is currently available for rent.

According to Hera, "This sale indicates the strength of Union Square as one of the city's best places to live, shop and work, and is a strong testament to 15 Union Square West's iconic location and lasting value."

Bill Shanahan and Darcy Stacom of CBRE represented Brack Capital Real Estate.

Brack Capital Real Estate transformed the former home of Tiffany & Co at 15 Union Square West into a contemporary residential condominium. The company also developed of the James Hotel in Soho.
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Comment:Brack sells 15 USW retail for $58m.
Publication:Real Estate Weekly
Date:Jan 26, 2011
Words:185
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