Eastern Consolidated has arranged the sale of a 1,500-square-foot retail condo at 119 Chambers Street, currently occupied by high-end designer thrift shop Housing Works, for $2.5 million, The Commercial Observer has learned.
The condo, located in TriBeCa’s densest retail thoroughfare, features a 1,500-square-foot street level space, with 25 feet of retail frontage, and a renovated 1,500-square-foot basement.
The new ownership will benefit from the tremendous foot and vehicular traffic in the neighborhood, home to a melting pot of residents, commuters, students and tourists, said Eastern Consolidated’s Senior Director Adelaide Polsinelli, who represented the buyer and the seller, both local investors, with Associate Director Robert Khodadadian.
Contrary to typical retail scenarios, buyers are flocking to side streets in TriBeCa, Ms. Polsinelli added.
“Downtown is hotter than ever, and TriBeCa retail is really beginning to sizzle with the side streets now taking on the overflow from the avenues,” she said. “With more than 60,000 new families now living below Canal Street post-9/11, investors and national retailers who were reluctant to have a presence here are now rethinking their decisions.”
Rents on the space are currently 50 percent below market, leaving room for significant upside potential, said Mr. Khodadadian.
“The new ownership will benefit greatly from the incredible growth of new residents and visitors in Lower Manhattan, and the demand for retail and new services is only going to increase,” he said, noting the property’s proximity to 12 major subway lines and a number of express buses.
TriBeCa commands some of the highest rental rates and condo prices in Manhattan, in close proximity to lose the World Trade Center, the South Street Seaport, Wall Street, and a range of city, state and agencies.
Big retail names to recently stream into the area include Whole Foods Market, Barnes & Noble, Equinox and Starbucks, as well as trendy restaurants like Nobu, Tribeca Grill, Boule, Landmarc – and Megu, which, as previously reported in The Commercial Observer, is being marketed by Eastern Consolidated.
Attorney Alan Cohen of Cooley LLP represented the buyer, while David Mashaal of Mashaal & Associates represented the seller.