New York City REIT Acquires Condo On 196 Orchard St For $88.75M

The retail condo at 196 Orchard St, New York, NY, 10002, was sold for $88,750,000.00. Spanning 60,000 square feet, the condo is fully leased to CVS, Marshalls, and Equinox. This deal marks the most expensive transaction for a retail condo in over two years in New York's market.

Summary of transaction details:

• Property Type: Condo
• Transaction Amount: $88,750,000.00
• Date: 07/17/2019
• Market: New York
• Seller's Representative: Kyle Van Buitenen (Hodges Ward Elliott)
• Buyer: AR Global affiliate New York City REIT
• Seller: Real Estate Equities Corporation
• Square Footage: 60,000

The developers behind the sale were Ben Shaoul's Magnum Management and Michael Miller's Real Estate Equities Corp. Magnum and Real Estate Equities acquired the development site in 2015 for $8.8 million, then developed the mixed-use building at the corner of Orchard and Houston streets. The retail condo, situated on the ground, second, and third floors, as well as the basement, also bought air rights from Katz's Deli to create the property.