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Two Commercial Condos Sold in Tribeca

NEW YORK CITY—Located in the same building, the pair of assets will become both retail and residential units, spotlighting this wrap-up of recent deals.

By Rayna Katz | Updated on April 21, 2015

NEW YORK CITY—ML7, a private real estate investment, development, and management company, has closed on the acquisition of two commercial condominiums, spanning a combined 32,000 square feet, at 72 Reade St. (aka 112 Duane St.) for $18 million. The Tribeca property has been home to the MacKenzie Door Co. for decades. Ground floor retail spaces will provide 50 feet of frontage on both Reade and Duane streets. ML7 expects to develop the second floor into two luxury residential loft condominiums that will each be approximately 4,000 square feet. The buyer was represented by Robert Khodadadian of Skyline Properties brokerage in the transaction. Financing was provided by Square Mile Capital and arranged by Gideon Gil of Cushman & Wakefield.

RFR has secured a 29,750-square-foot lease at 190 Bowery, the landmarked 1898-vintage architectural icon at the corner of Spring street and the Bowery. The tenant is a soon-to-be-named consortium that serves as the umbrella company for fashion talent agencies and archives. The group will occupy floors two through six of the historic building, leaving only the ground floor retail space available.  AJ Camhi, RFR SVP, represented the firm in-house and the as-yet-unnamed tenant was represented by David Falk at Newmark Grubb Knight Frank.

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