Adelaide Polsinelli, Vice Chair of Compass, a technology-driven real estate platform, has closed on the sale of yet another retail condo at 262-272 Mott Street, in the heart of the bustling Nolita neighborhood in Manhattan for a price of approximately $3,100 per square foot.
The retail unit is currently occupied by TAGS, a boutique featuring eclectic fashion finds from around the world as well as designer favorites all in an intimate curated shopping experience.
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.
Nolita is known for its concentration of some of the city’s best boutique shopping, keeping the area unique and exciting is why it has continued to be a solid retail destination and investment.
The retail stores at the base of this luxury loft condominium conversion, along with three levels of below grade storage units, were sold by Polsinelli for $26 million, in 2016. Last year, she successfully flipped three of the units, which were under contract to a new owner.
“Having sold retail condos in this property since 2016, I can say without question that Nolita retail is alive and well,” noted Polsinelli after the third sale of the retail at this property. “This is a testament to the street’s intrinsic value through all phases of the market cycle.”
Given the negative political climate targeting the real estate industry and multifamily property owners, retail condos offer a safer alternative for investors.
“It’s easy to see why 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,” concluded Polsinelli.