New York City-based commercial property owner and retail brokerage JTRE has purchased a prime retail condo at 31 East 28th Street in Madison Square North neighborhood for $4.2 million.
The 6,000-square-foot retail condo, on 28th Street between Park and Madison Avenues, will be delivered vacant and marketed by Ricky Braha of JTRE to “world-class restaurants and fitness tenants,” according to the firm. Mr. Braha could not be immediately reached for comment.
The space was home to the Gradoux-Matt Rare Violins, which doubled as a music school. A string of new retail openings in the immediate vicinity set the stage for a several competitive bids for the condo, said Stephanie Moore of Coldwell Banker Commercial Alliance, who represented the seller with Catherine O’Toole and Greg Gang of the same firm.
“There were several restaurants that were interested in opening up,” she said, noting that the space was on the market for roughly six to eight weeks before JTRE sealed the deal.
The condo includes 4,000-square-feet of ground-floor retail space and 2,000-square-feet on the lower level, with nearby eateries like The Breslin, Eleven Madison Park, Sarabeth’s and Mario Batali’s Eataly having spiced up the area in recent years. The NoMad Hotel, Gansevoort Park Hotel and Ace Hotel are also nearby.
In early 2014, JTRE acquired a 3,500-square-foot retail condo at 241 Fifth Avenue and was selected to market retail space at 246 Fifth Avenue, on the corner of 28th Street.
Jack Terzi is the company’s founder and CEO.