(For more retail coverage, click GlobeSt.com/RETAIL.)
NEW YORK CITY-Madison Capital has taken a partnership interest in the 85,000-sf retail condominium at 1880 Broadway. Once completed, the development will feature four floors and span an entire block front on Broadway between West 61st and West 62nd streets.
Sonnenblick-Goldman served as exclusive advisor to Madison Capital and arranged $80-million in debt and equity for the acquisition. Barclays Capital Real Estate provided the unsecured loan, and the equity investment was provided by Fortress Investment Group.
While no potential tenant information has been revealed, Richard Wagman, principal of Madison Capital, notes that the "size, location and efficiency of the property should attract local and national retailers seeking a presence in the West Side retail market." Madison Capital is a private real estate investment concern based in New York City that focuses on a value-added, opportunistic investment strategy through the acquisition of real estate properties throughout the east coast.
The site is part of 15 Central Park West, a residential condominium being created by Zeckendorf Development. "The truly irreplaceable location of the 1880 Broadway retail condominium, strong sponsorship and exceptional risk-adjusted returns made this a highly sought after investment in both the debt and equity markets," adds Steve Kohn, president of Sonnenblick-Goldman.
Sonnenblick has been involved in a number of retail condo transactions of late. Acting on behalf of Clarett Capital LLC, the firm arranged the $18.6-million sale of the 7,500 sf of space at 2770 Broadway. Other retail-condominium transactions here including 828 Madison Ave., 777 Madison Ave. and the Broadway at 81st Street and Broadway.
In some major retail condo deals over the past year, Vornado Realty Trust acquired a residential/retail complex at East 66th Street and Madison Avenue for $158 million. It features 9,100 sf of retail space. The company also spent $113 million for the 17,000-sf retail condominium portion of the former Westbury Hotel which occupies the block front at Madison Avenue between 69th and 70th streets.
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