Real estate brokerage Marcus & Millichap has arranged the sale of two apartment buildings in Chelsea for a combined $7.2 million, with both properties going to 1031 exchange buyers, The Commercial Observer has learned.
The buildings, at 368 8th Avenue and 311 West 29th Street, bring the private investors who purchased them an opportunity to realize significant upside through upgrades and renovations, brokers at Marcus & Millichap said.
It was a Los Angeles-based company inspired by Japanese shopping habits that brought pop-up retail to America. During a trip to Tokyo in 1999, Russ Miller witnessed the lengths to which the city’s famously voracious consumers would go to buy rare and limited-edition products.
Mr. Miller brought that mind-set back to L.A. with Vacant, “a retail concept and exhibition store” that would open shops only to close them as soon as they ran out of goods.
Discount retailer Target once again positioned itself as the funky anti-Walmart when it took over a 220-foot-long boat at Chelsea Piers for a two-week stay on the Hudson River that coincided with Black Friday in November of 2002. Vacant arrived in New York in February 2003, working with Dr. Martens on a pop-up space at 43 Mercer Street.