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New York & Tri-State  + Downtown New York  + Retail  | 

NYC REIT Pays $89M for Retail and Commercial Condos

New York City REIT Inc. (NYCR) completed the acquisition of the fee-simple interest in two retail condominiums and one commercial condo totaling 60,297 square feet at 196 Orchard St., a Lower East Side residential condo development. NYCR paid approximately $88.8 million.

The property is 100% leased to Marshalls, CVS and Equinox. NYCR is expecting long-term stable cash flow and contractual rent growth from the condos.

NYCR funded $51 million of the purchase with a 10-year loan from Nationwide Life Insurance Company. The remainder was funded through cash on hand.

A Hodges Ward Elliott team of Paul Gillen and Kyle van Buitenen marketed the property sale on behalf of sellers Magnum Management and Real Estate Equities Corp.

“The space is fully occupied by high-quality, experiential tenants subject to long-term leases with contractual rental increases,” said NYCR CEO Michael Weil. “The acquisition includes attractive long-term financing and enhances NYCR’s overall portfolio.”

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Inside The Story

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition