{"id":1004106502,"date":"2014-10-29T11:06:11","date_gmt":"2014-10-29T19:06:11","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=302282"},"modified":"2020-05-21T23:20:17","modified_gmt":"2020-05-22T07:20:17","slug":"two-prime-retail-properties-in-manhattan-sell-for-nearly-50-million","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/two-prime-retail-properties-in-manhattan-sell-for-nearly-50-million\/","title":{"rendered":"Two Prime Retail Properties in Manhattan Sell for Nearly $50 Million"},"content":{"rendered":"

By Veronica Grecu, Associate Editor<\/em><\/p>\n

\"245<\/a><\/p>\n

245 Seventh Avenue<\/p>\n<\/div>\n

An affiliate of Maguire Capital Group recently closed on a 5,700-square-foot retail condominium located in Manhattan\u2019s Chelsea neighborhood. According to an official statement announcing the transaction, Maguire Capital Group\u2019s affiliate teamed up with Norfolk, VA-based Harbor Group International in the $31.5 million deal.<\/p>\n

Located at 245 Seventh Avenue at the corner of West 24th<\/sup> Street, the 6,880-square foot was built in 1911, according to data provided by PropertyShark<\/a><\/em>, and was previously owned by Macklowe Properties. the property is currently net leased to a J.P. Morgan Chase bank branch.<\/p>\n

\u201cThe Seventh Avenue corridor is uniquely positioned for growth in the retail sector,\u201d according to Marvin V. Azrak, principal of Maguire. \u201cUrban retail is a key part of our acquisition strategy and we believe this property will provide significant value for our investors,\u201d he added.<\/p>\n

\"1420<\/a><\/p>\n

1420 Broadway<\/p>\n<\/div>\n

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<\/sup> 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.<\/p>\n

This October, Harbor International Group sold the property for $18 million. \u201c1420 Broadway is a stable asset in a strong market that benefits from a long term lease and buildable air rights,\u201d said T. Richard Litton, president of HGI, in a press statement. \u201cThe property\u2019s performance exceeded our expectations and once again confirmed our predictions for rapid growth in the Times Square submarket.\u201d<\/p>\n

 <\/p>\n

Click here<\/strong><\/a> for more market data on New York City<\/strong>.<\/p>\n

Images via Maguire Capital Group and Harbor International Group<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Maguire Capital Group affiliate buys retail condo at 245 Seventh Avenue, Harbor International Group sells 1420 Broadway.<\/p>\n","protected":false},"author":258,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1600,21742],"tags":[],"class_list":["post-1004106502","post","type-post","status-publish","format-standard","hentry","category-new-york","category-latest"],"acf":[],"yoast_head":"\nTwo Prime Retail Properties in Manhattan Sell for Nearly $50 Million - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/two-prime-retail-properties-in-manhattan-sell-for-nearly-50-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Two Prime Retail Properties in Manhattan Sell for Nearly $50 Million\" \/>\n<meta property=\"og:description\" content=\"Maguire Capital Group affiliate buys retail condo at 245 Seventh Avenue, Harbor International Group sells 1420 Broadway.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/two-prime-retail-properties-in-manhattan-sell-for-nearly-50-million\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-10-29T19:06:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-22T07:20:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/10\/245-Seventh-Avenue.jpg\" \/>\n<meta name=\"author\" content=\"Veronica Grecu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@VeraGrecu\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/two-prime-retail-properties-in-manhattan-sell-for-nearly-50-million\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/two-prime-retail-properties-in-manhattan-sell-for-nearly-50-million\/\",\"name\":\"Two Prime Retail Properties in Manhattan Sell for Nearly $50 Million - 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