By Sarah Trefethen
A New Jersey-based retail investor has purchased the four retail condos in Africa Israel’s redeveloped 20 Pine St. for $19.4 million, according to city records.
The sale coincided with the complete sell-out of the former office building’s 480 residential units, which Africa Israel announced last week along with the sale of 32,000 s/f of retail space.
The retail purchaser, The Klein Group, owns developments throughout New Jersey and has recently expanded its holdings in Manhattan.
The firm purchased the retail at 111 Fulton Street — another downtown Africa Israel development — in 2011, and also owns the retail condo at 200 West End Ave. on the Upper West Side.
Cantor Commercial Real Estate Lending provided $16 million in financing for the 20 Pine purchase.
Marking a milestone achievement, Africa Israel USA, developer of 20 Pine completed residential sales at the 38-story condominium conversion.
In total, AFI USA is credited with selling 408 residential units. When the development team broke ground in 2007, FiDi was still largely a daytime destination. With allure of properties like 20 Pine, one of the area’s first condominium conversions, the neighborhood began attracting a broad swath of residents, not to mention young families, many of whom were drawn to the prospect of living in spacious, architecturally significant buildings with ample amenities.
According to the New York City Department of Planning, the population of Lower Manhattan has exploded in the last 10 years. Between 2000 and 2010, Community District 1, which comprises most of the area south of Canal Street, nearly doubled its population –from just over 34,000 residents in 2000 to more than 64,000 in 2010.
“This building has been integral to the rebirth of the Financial District,” said Tamir Kazaz, CEO of AFI USA.
