An investment arm of DZ Bank purchased a retail condo in the Meatpacking District for $88 million.
Union Investment, an affiliate of DZ Bank, bought the retail condo at 412 West 14th Street for $4,900 p/s/f. A Cushman & Wakefield team led by Adam Spies, Kevin Donner and Marcella Fasulo brokered the sale of the three-story, 18,000 s/f space.
The space is currently fully leased to Lexus—which has 10 more years on their lease—and also contains the car company’s concept store that has not opened yet. The condo is part of a five-story, 80,000 s/f multi-use building.
The Cushman & Wakefield brokers are also marketing the leasehold on TH Real Estate’s nearby 430 West 15th Street, an eight-story parking garage occupied by Live Nation.