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New York & Tri-State  + Midtown New York  + Retail  | 
897 Eighth Ave. in Midtown Manhattan is a grocery-anchored retail and parking condo

Regal Ventures Acquires Gristedes-Anchored Retail Condo

Regal Ventures, a New York City-based real estate investment firm, has acquired a 37,165-square-foot, grocery-anchored retail and parking condo at 897 Eighth Ave. in Midtown Manhattan’s Hell’s Kitchen neighborhood. The company purchased the property from Prudential Financial for $35,250,000. 

The Hell’s Kitchen property’s retail component includes several well-established neighborhood outlets, including the Gristedes supermarket anchor, Pick a Bagel, Da Tommaso Ristorante, and Metro Cleaners. It also features Blank Street Coffee and the Mega Nail Spa. 

This acquisition follows two comparable investments in Miami and Brooklyn over the past 18 months. “While the overall pace of retail sales has slackened considerably over the past few years due to the disruption from ecommerce, we’re seeing neighborhood retail in dense population areas continue to thrive and grow,” said Alex Smith, the firm’s co-founder and managing partner.  

Morrison Street Capital provided a portion of the equity for the acquisition of the Eighth Avenue site.

For insights into retailing trends and innovations, come to Connect Retail West, a live conference scheduled for Nov. 9 in Los Angeles. Click here to register. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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 GlobeSt.com 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).

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