New York City REIT Acquires Retail Condo In Lower East Side For $88.75M

New York City REIT has acquired a retail condo in the Lower East Side for a price of $88,750,000. The property, located at 196 Orchard, spans across 60,000 square feet with a price per square foot of $1,475. The transaction took place on July 17, 2019.

Summary of transaction details

• Property Type: Retail Condo
• Transaction Amount: $88,750,000
• Address: 196 Orchard
• Market: Lower East Side
• Square Footage: 60,000
• Price per Square Foot: $1,475

The seller of this property was Magnum Real Estate Group & Real Estate Equities Corp., represented by HodgesWardElliott's Paul Gillen, Daniel Parker, and Kyle van Buitenen. The deal was facilitated by their expertise in the Lower East Side market.