Two Prime Retail Properties in Manhattan Sell for Nearly $50 Million
Maguire Capital Group affiliate buys retail condo at 245 Seventh Avenue, Harbor International Group sells 1420 Broadway.
By Veronica Grecu, Associate Editor
245 Seventh Avenue
An affiliate of Maguire Capital Group recently closed on a 5,700-square-foot retail condominium located in Manhattan’s Chelsea neighborhood. According to an official statement announcing the transaction, Maguire Capital Group’s affiliate teamed up with Norfolk, VA-based Harbor Group International in the $31.5 million deal.
Located at 245 Seventh Avenue at the corner of West 24th Street, the 6,880-square foot was built in 1911, according to data provided by PropertyShark, and was previously owned by Macklowe Properties. the property is currently net leased to a J.P. Morgan Chase bank branch.
“The Seventh Avenue corridor is uniquely positioned for growth in the retail sector,” according to Marvin V. Azrak, principal of Maguire. “Urban retail is a key part of our acquisition strategy and we believe this property will provide significant value for our investors,” he added.
1420 Broadway
Meanwhile, Harbor International Group sold a 7,200-square-foot retail property located at 1420 Broadway, in the retail bridge between the Times Square and 34th Street retail corridors. The three-story property, which was built in 1920, was acquired by Harbor International Group in October 2012 for $10.25 million. The real estate asset is fully leased to Christine Inc. and houses a luncheonette/convenience store on the first floor, while the second and third floors are subleased to a masseuse and salon.
This October, Harbor International Group sold the property for $18 million. “1420 Broadway is a stable asset in a strong market that benefits from a long term lease and buildable air rights,” said T. Richard Litton, president of HGI, in a press statement. “The property’s performance exceeded our expectations and once again confirmed our predictions for rapid growth in the Times Square submarket.”
Click here for more market data on New York City.
Images via Maguire Capital Group and Harbor International Group
You must be logged in to post a comment.