Self-Storage Developer Picks Up Nine Nolita Retail Condos for $26M [Updated]
Lauren Elkies Schram Sept. 29, 2016, 12:04 a.m.
Madison Development, which develops self-storage properties in New York City, has nabbed the entire retail component at the base of a residential condominium in Nolita for $26 million. The deal closed on Aug. 10 and appeared in property records on Tuesday.
The seller of the commercial condo units at 262-272 Mott Street between East Houston and Prince Streets was apartment building operator Jocar Realty Company, city records indicate.
The units—eight at street level and one below grade—contain 10,444 square feet. They vary in size from 371 to 2,526 square feet with rents ranging from $86 to $281 per square foot, according to Eastern Consolidated’s website. Tenants include Rebecca Hossack Art Gallery in 371 square feet and Tai Rittichai jewelry store in 2,526 square feet. Adam Gordon, the president of Madison Development, emailed Commercial Observer that “the purchase included 17,000 square feet of below-grade self storage. This is being operated as Nolita Self Storage and serves many local retailers and restaurants.”
“We plan to upgrade the self-storage as we are the first new owners in over three decades,” Gordon said. “We plan to continue serving the local Nolita, Soho and Noho retail, restaurant and other commercial community.”
Eastern Consolidated’s Adelaide Polsinelli and Mitchell Goldstick brokered the deal for the seller. They weren’t available for comment. Jeremy Aidan of Venture Capital Properties represented the buyer. Aidan declined to comment.
Originally builtin the 1850s, 262-272 Mott Street was converted to a luxury loft condo in 1992. It gained attention in mid-2014, when musician Moby sold his 950-square-foot, one-bedroom pad with an 875-square-foot terrace for $2 million, at a roughly $1.8 million profit from when he bought it in 1996, according to TMZ.
Update: This story was edited to include the name of the buyer’s broker and a remark from the buyer.