WSA Equities’ John Street Retail Condo Picked Up for $7M
Lauren Elkies Schram June 6, 2014, 4:15 p.m.
William Achenbaum‘s WSA Equities today closed on the $7 million sale of a roughly 8,000-square-foot retail condominium at South Star, at 80 John Street, Commercial Observer has learned.
Klosed Properties and Namdar Realty Group bought the Financial District condo “because of the visibility, price per foot, the yield was reasonable and there is upside,” said Steven Kachanian, a principal at Klosed Properties, which owns nearby properties.
The condo is occupied by UFC Gym, which has 6,500 square feet for another 10 years, and a dry cleaners, which has 1,500 until the end of the year, the latter with an option to renew at market rate. Both tenants pay below market rate rents. The property has 150 feet of wraparound frontage.
Garden City, N.Y.-based WSA converted the apartment building, at the corner of Gold Street, from rental to condo in 2006 and renamed it South Star. WSA did not immediately respond to a request for comment.
Mr. Kachanian said it was an off-market deal involving one broker, who he declined to identify.