Investors pulled away from the troubled sector last year, but an influx of condo sales may signal a change of tune
UPDATED, 4:22 p.m., March 20: “Retail” was a four-letter word in the industry last year. But a recent spate of retail-condo sales in early 2018 might reflect changing attitudes.
Investors bought or put into contract a total of $276 million worth of retail condo properties in the first eight weeks of 2018, a review of Real Capital Analytics data byThe Real Deal shows. That’s already more than half of 2017’s total of $523 million.
“Sales activity is definitely picking up,” said Jeremy Nazarian, a managing director at the brokerage Venture Capital Properties, who in October brokered the $15 million sale of an 11,500-square-foot retail condo at 124 Hudson Street in Tribeca. “I’d say last summer was really kind of the floor as far as retail goes.”
Indeed, Manhattan’s retail market has seen a slew of notable transactions since the start of the year. In January, Status Capital paid $82 million to purchase a retail condo at the base of the Marquand condo building at 11 East 68th Street from Vornado Realty Trust. The following month, Union Investment signed a contract to buy the condo at 412 West 14th Street from Thor Equities for $88 million.
The renewed interest in pure-play retail properties follows a year in which the sector took a hammering, as investors pulled back from wh上海千花网