Retail condos and buildings see a boom in prices
December 9, 2013

Woody Heller

In 2010, the retail condominium at the base of 40 Mercer St. — with another address at 465 Broadway — was sold for $41.9 million. In July 2012, the same unit sold for $57 million. One year later, it sold again — for $80 million.

At the Real Estate Board of New York luncheon in November, moderator Mary Ann Tighe, chair of CBRE, reminded the crowd that Woody Heller and Will Silverman of Studley had been the brokers on all three occasions.

Heller said, “During the three-year period when we transacted this three times, none of the stores changed, but cap rates compressed and went down … that suggests the island can get taller but it doesn’t get wider so the supply is finite and that is the subtext...”

Retail condos and buildings see a boom in prices

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