Those six leaseholds, which have an average term of 20 years, have been sold to Stahl Midtown Properties LLC for $7.25 million. Bids were due by the first week in May and prospective purchasers submitted final offers as unconditional contracts and non-refundable deposits.
The retail spaces include three 10,000-sf properties: 574 Fifth Ave., 1420 Broadway and 49 Broadway, as well as 532 Madison Ave., which has 11,000 sf and 422 Madison with 16,000 sf. The sixth site is at 21 Waverly Place in Greenwich Village.
Woody Heller, managing director of Jones Lang LaSalle, represented Sara Lee along with Peter Harwood and Andrew Osborne.
"Chock Full O'Nuts benefits from a quick and certain closing to dispose of non-core assets, while the buyer will have the opportunity to create value by leasing the vacant spaces and working with the existing tenants," Heller notes.
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