Eastern COnsolidated investment sales broker Adelaide Polsinelli has sold the Gibson Guitar retail condo at the Hit Factory on West 54th Street.
American Realty Capital New York City REIT, Inc, a public non-traded Real Estate Investment Trust (REIT), has entered into a sale agreement to acquire the 12,327 s/f condo at 421 West 54th Street in Midtown West for $7.25 million.
Polsinelli represented the seller, Sagamore 54th St. Investments LLC and Sagamore Arizona LLC, and the buyer.
The retail condo features 8,787 s/f on the ground floor, with 34 feet of frontage facing 54th Street and 3,540 s/f of usable lower level space. Musical icons such as Michael Jackson, John Lennon, Paul Simon, and the Rolling Stones, among others recorded music at the Hit Factory. The space is 100 percent leased to Gibson Guitar Corporation.
“The ARC New York team has a keen vision for great locations and world-class tenants,” said Polsinelli, a senior director Adelaide Polsinelli. “They targeted this jewel with the knowledge that the future of this area and this asset has only upside ahead.”
Polsinelli further explained that the retail condo property at 421 West 54th Street is in a much in-demand location, and showcases internationally renowned Gibson Guitar as a long-term credit tenant.
“Gibson’s commitment to the neighborhood, bordering on the Theatre District’s vibrancy and Hudson Yards’ future, made this the perfect deal for ARC,” she said.
“Gibson’s steady roster of hip and cool customers was a great value-add facet.” During the Hit Factory’s tenure in the building hundreds of albums were recorded there, including Born In the USA, Graceland, and Songs In The Key Of Life.