Cushman & Wakefield announced today that it represented Macklowe Properties in the $19.9 million sale of the retail condominium at the base of 150 East 72nd Street to RFR Realty. The property, which was recently converted into a luxury condominium building, is located on a prime retail corner in a world-class retail corridor on Manhattan’s prestigious Upper East Side.
150 East 72nd Street, located on the southeast corner of Lexington Avenue and East 72nd Street, is currently divided into four individual retail storefronts, totaling 4,000 square feet of prime ground floor space with 900 square feet of below-grade space With more than 150 feet of retail frontage on two major thoroughfares, the retail condominium offers excellent corner exposure.
A Cushman & Wakefield New York Capital Markets team of Helen Hwang, Nat Rockett, Steve Kohn, Karen Wiedenmann, and John LiGreci represented Macklowe Properties in the transaction.
“With in-place leases rolling in mid-2014, the investor has the rare opportunity to realize a prime-luxury vision for the retail unit,” said Helen Hwang, executive vice president of Cushman & Wakefield.
150 East 72nd Street is one of the most desirable residential buildings in Manhattan and the retail condominium at the property is one of the best storefronts on Lexington Avenue, in a market that is renowned for high-end luxury boutiques.