NEW YORK CITY—GLL Real Estate Partners, Inc. has completed an off-market acquisition for $110 million of the Manhattan House retail condominium, located at 1111 Third Ave., from an institutional joint venture led by Madison Capital.
Terms of the transaction were not disclosed. GLL was advised by Jon Caplan and Richard Baxter of JLL's New York capital markets group. Scott Latham and Yoron Cohen also led the JLL team on the transaction.
“The Manhattan House retail condo is a fully-leased retail asset servicing local residents in one of the most expensive housing markets in the country and, as such, is viewed as being one of the most secure real estate asset classes,” says Christian Goebel, EVP, GLL. “We are excited to own this signature asset and expand our commercial investment portfolio in the Northeast,”.
The Manhattan House retail condominium is bounded by Second and Third Avenue to the east and west, and East 65th and 66th Street to the north and south. The property was built in 1951 and underwent a major renovation in 2008. The 28,990-square-foot street-level, retail condomimium complex is fully lease and the tenants include national credits Duane Reade, Staples Express and Lululemon as well as a dry cleaner, nail salon and flower shop. The 225-space underground parking garage is operated by a third party vendor.
The retail condominium benefits from its proximity to the surrounding residential buildings, primarily the Manhattan House residential tower, and its full block frontage along Second and Third Avenue. The submarket encompasses the prominent 10065 zip code area, ranked as the most expensive for housing in North America by Forbes in 2012.
This is GLL's second major acquisition in the New York market in the last year. In October 2013, the company purchased a 369-space corporate parking facility in Manhattan's Battery Park City North neighborhood.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
