Demand Soars for Retail Condos in Manhattan
October 19, 2011
By: Real Estate Alert Staff

Institutional investors are clamoring for retail condominiums in Manhattan. For pension funds, insurance companies and foreign buyers, such condos provide a relatively high capitalization rate and low price hurdle for a Manhattan retail property, as well as limited management responsibilities.

“There are more institutional investors focused on retail condos now than at any point in the past,” said Studley managing director Will Silverman. ...

... Meanwhile, local developer Bromley Cos. has lined up an unidentified institutional buyer for 14,500 sf on the ground floor of The Bromley, a 300-unit residential condo at the northeast corner of Broadway and West 83rd Street. The space, which is fully leased to two tenants, was expected to attract bids of about $45 million, or $3,100/sf, when marketing kicked off over the summer.

Studley, which is brokering that deal, also handled last month’s sale of a 66,000-sf retail and garage condo at the 101-unit Laurel residential-condo building at 400 East 67th Street. ...

Link to article