Sales  ·  Commercial

David Berley Buys Noho Retail Condo for $15M


An investment group led by David Berley of Walter & Samuels has acquired the ground-floor retail condominium at 316 Bowery from Bowery Realty Corp. for $15 million in an off-market transaction, Commercial Observer has learned.

The 3,400-square-foot unit is occupied by the AvroKO-designed Saxon + Parole restaurant. The space also boasts an additional 3,200-square-foot lower level.

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Saxon + Parole at 316 Bowery. (AvroKO)
Saxon + Parole at 316 Bowery. (AvroKO)

Mr. Berley has been actively acquiring a number of restaurant-anchored retail units in recent months. Last year, he acquired 355 and 361 Greenwich Street in Tribeca, home of the Harrison restaurant. The investor has also leased space in existing investments to restaurants, including to Le Coq Rico at 30 East 20th Street and SD26 at the base of 15 Madison Square Park.

“Destination restaurants like Saxon + Parole, Le Coq Rico and SD26 make excellent tenants and provide exciting opportunities to add value to our portfolio,” Mr. Berley said in a prepared statement. “Our ability to study quickly and act decisively, as well as to negotiate complex transactions, has helped us close good off-market deals throughout Manhattan.”

As reported by Commercial Observer, Mr. Berley acquired a retail condominium at 2770 Broadway for $20.25 million in March.

Alan Shmaruk of The Manhattes Group LLC represented Bowery Realty Corp. in the sale of the retail condo at 316 Bowery.