A retail condominium at 95 Chambers Street (also known as 77 Reade Street), in TriBeCa neighborhood has been sold for $17,750,000.
The property consists of a ground floor and basement space totaling approximately 12,638 s/f and features high 15 ft. ceilings.
The unit sits within a newly renovated building that runs block-through from Chambers Street to Reade Street. The building has 79 ft. and 49 ft. of frontage, respectively.
The unit is currently occupied by European Wax Center and Reade Street Prep. The seller was investor Rob Kaliner in partnership with HP Investors of San Diego. The buyer was HUBB NYC.
The unit is located less than two blocks from the Chambers Street and City Hall subway stations. It is also four blocks from the World Trade Center and WTC transportation hub.
“At the time we purchased the property, there was significant leasing risks due to the extensive construction along Chambers Street, but our long term vision paid off nicely,” said Kaliner, whose venture paid $7.3 million for the property in January 2013.
“The in-place income along with the lease up value presented an excellent opportunity for the buyer. We’re glad we had the privilege to satisfy the needs of both the seller and buyer,” said Cushman & Wakefield’s James Nelson who exclusively handled this transaction with Will Suarez and David Shalom.