By Daniel Geiger
Clarion Partners has sold a retail condo at 200 West End Avenue for roughly $30 million, according to sources.
The Klein Group, a New Jersey based real estate investment company, purchased the roughly 25,000 s/f space, which is anchored by a CVS drug store.
The firm owns a number of retail properties in New Jersey and one other location in Manhattan, 111 Fulton Street.
200 West End Avenue, a 170-unit residential condo building located at 70th Street on the Upper West Side, was finished in 2008 by the New York based developer the Clarrett Group. Last year, the firm, which has since ceased operation, transferred ownership of the retail condo space to Clarion, a lender in the development deal, for around $25 million according to written reports.
Clarion then tapped the investment sales brokerage Eastdil Secured to sell the space. CVS occupies about 15,000 s/f in the condo but the remaining 10,000 s/f is vacant, offering the buyer an opportunity to try to lease the space for strong rents.
Adam Spies and Shannon Ching, executives at Eastdil, handled the sale for Clarion. Neither could be reached for comment. Eastdil, one of the city’s top sale brokerage firms, is marketing a number of large deals in the city, including the 1.85 million s/f midtown skyscraper 1211 Avenue of the Americas, a tower that is expected to pull in north of a billion dollars when it trades. Eastdil is also handling the $10 billion sale of Anglo Irish’s U.S. real estate loan portfolio, a book of debt that includes several New York City assets.