Real Estate Weekly has learned that Avison Young ‘s New York City-based Capital Markets Group has been retained as the exclusive sales agent for the 5,216 s/f retail condo at 356 Broadway, a five-story, mixed-use building in the Tribeca section of Manhattan.
The Avison Young team of vice-president Jason Meister and principals Charles Kingsley, Jon Epstein, Vincent Carrega and Neil Helman is managing the assignment on behalf of the seller, D&M Inc.
“Given the transformation the neighborhood is going through, it is difficult to forecast what it will sell for,” Meister told Real Estate Weekly. There will be tons of interest from savvy retail investors and users alike.”
Pointing to the neighborhood’s “transformation,” Meister expressed further optimism for the space.
“As Tribeca continues to cement its status as a destination of choice for the city’s cultural elite, the demand for quality retail facilities will simultaneously grow. With the surrounding area undergoing significant residential development, this is a unique value-add offering in one of Manhattan’s most sought-after neighborhoods.
Meister singled out the Broadway corridor between Worth and White streets as “one of the busiest development areas in the country,” and says the condo’s value will benefit from the nine buildings and approximately 900 new luxury residences in the three-block zone.
“With the influx of new residents, the area will be underserved in terms of retail amenities that can satiate the growing population,” said Meister.
The bulk of the condo’s square footage – 3,000 s/f- is on the ground floor with the remainder divided amongst the cellar and sub-basement. . The space is currently vacant.
D&M declined to comment on the transaction.