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Deals & Dealmakers

Investors flip red hot Nolita retail condos

ASG Equities has flipped a trio of Nolita retail condos the company bought in December from Madison Development.

Adelaide Polsinelli, vice chair of Compass, closed the off-market re-sale of the units at 262-272 Mott Street (pictured above) for $7,350,000, just under $3,000 per square foot.

ADELAIDE POLSINELLI

“It’s encouraging and fascinating to see how robust the retail sales market is in Nolita,” said Polsinelli, noting this is the third sale of the retail at this property in two years. “Nolita, a vibrant neighborhood that is only four blocks wide, continues to attract shoppers and tourists from all over the country with its effortlessly cool
vibe.”

Polsinelli previously sold the retail at the base of a luxury loft condominium in 2016 for $26 million, along with three levels of below grade storage units. Current retail tenants include Fjallraven USA, Tai Jewelry, TAGS, and Flannel from Australia. Public records show ASG Equities purchased all five retail condos in December. Adelaide Polsinelli, along with Trystan Polsinelli, also of Compass’ investment sales division, resold three of them to a private investor who plans to occupy them.

TRYSTAN POLSINELLI

The property is located in the middle of the tree-lined historic Mott Street, directly across the street from St. Patrick’s Old Cathedral, between Prince and Houston Streets. Originally built in the 1850s, as an armory, 262-272 Mott Street was converted to luxury residential loft condominiums in 1992.

Adelaide Polsinelli was hired by Compass in August of 2018, to launch the Investment Sales Division, which is now 20 brokers strong and growing. This is Polsinelli’s second retail sale in the last month, a sign that retail is alive and thriving.

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