Hennick & Company Buys UES Retail Condo for $153M
By Rebecca Baird-Remba January 12, 2024 3:38 pm
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Canadian private investment firm Hennick & Company — the family office of Colliers (CIGI)’ largest shareholder — has picked up an Upper East Side retail condo at Bridge Tower Place, by the Ed Koch Queensboro Bridge, for $153 million, the company announced Thursday.
The seller appears to be a subsidiary of Israeli real estate firm Gazit Globe, which purchased the condominium at 401 East 60th Street for $73 million in 2017, The Real Deal reported at the time.
The 120,000-square-foot, four-story retail property on East 60th Street between First Avenue and Sutton Place is fully leased to Home Depot and Starbucks and includes loading docks and underground parking, according to Hennick.
Above the retail stores are 218 residential condos built by the Brodsky Organization in 1999. Gaia Real Estate purchased 90 apartments in the 38-story building for $53 million from Brodsky in 2018, according to TRD.
The building faces the landmarked Bridgemarket space beneath the Queensboro Bridge, Bridgemarket has been occupied by Trader Joe’s since December 2021.
The Hennick family is the largest shareholder of Colliers and FirstService Corporation. Jay Hennick also serves as Colliers’ CEO.
Hennick & Company also owns 1430 Massachusetts Avenue, a 50,000-square-foot office and retail building in Boston’s Harvard Square, and York Mills Centre, a 500,000-square-foot office and retail complex in Toronto, Canada.
“As a private family investment firm with patient capital, we can act quickly and execute on opportunities when others cannot,” Jory Hennick, a managing director at the firm, said in a statement. “We continue to seek out properties that align with our strategy of accumulating unique real estate in irreplaceable locations that we can be proud to own forever.”
Gazit Globe did not immediately return a request for comment.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
