{"id":1004150678,"date":"2016-08-24T05:56:40","date_gmt":"2016-08-24T13:56:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004150678"},"modified":"2020-05-12T03:24:39","modified_gmt":"2020-05-12T11:24:39","slug":"hff-closes-25m-upper-east-side-retail-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hff-closes-25m-upper-east-side-retail-deal\/","title":{"rendered":"HFF Closes $25M Upper East Side Retail Deal"},"content":{"rendered":"<p>By Ioana Neamt<\/p>\n<div id=\"attachment_1004150679\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/123_East_86_Photo_Preferred.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004150679\" data-attachment-id=\"1004150679\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hff-closes-25m-upper-east-side-retail-deal\/123_east_86_photo_preferred\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/123_East_86_Photo_Preferred.jpg\" data-orig-size=\"355,227\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"123_East_86_Photo_Preferred\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/123_East_86_Photo_Preferred.jpg?w=355\" class=\"wp-image-1004150679 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/123_East_86_Photo_Preferred.jpg\" alt=\"123 E. 86th St., New York\" width=\"300\" height=\"192\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/123_East_86_Photo_Preferred.jpg 355w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/123_East_86_Photo_Preferred.jpg?resize=300,192 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004150679\" class=\"wp-caption-text\">123 E. 86th St., New York<\/p><\/div>\n<p><strong>New York<\/strong>\u2014<a href=\"https:\/\/www.hfflp.com\/\" rel=\"nofollow\" target=\"_blank\">HFF<\/a> has recently facilitated the $24.5 million sale of a 7,018-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/retail\/\" target=\"_blank\">retail property<\/a> in Manhattan\u2019s Upper East Side. The company marketed the single-tenant, triple-net-leased asset on behalf of the seller\u2014a partnership between <a href=\"https:\/\/mcapny.com\/\" rel=\"nofollow\" target=\"_blank\">Madison Capital<\/a> and a global real estate investment management firm.<\/p>\n<p>The property is located at 123 E. 86<sup>th<\/sup> St., and is currently leased to Citibank through 2022 at rents significantly below market. Completed in 1927 and renovated in 1998, the building comprises three above-grade levels with an additional 2,234 square feet of lower-level space, not included in the rentable square footage. Nestled in the heart of the 86<span style=\"font-size: 13.3333px; line-height: 20px;\">th<\/span> Street retail corridor, the asset is in close proximity to a variety of popular retailers, including Whole Foods, H&amp;M, SoulCycle and Sephora.<\/p>\n<p>An HFF investment sales team led by managing directors Rob Rizzi, Jeff Julien and Amy Sands, senior managing directors Eric Anton and Danny Finkle, and Associate Director Steven Rutman represented the seller in the transaction. PD Properties\u2019 Elad Dror and Tony Park represented the buyer.<\/p>\n<p>\u201cWe received a tremendous response from a wide range of private and institutional investors, highlighting New York City\u2019s appeal for high-street properties, as well as the continuing demand for cash flowing retail,\u201d said Rizzi in a statement.<\/p>\n<p><em>Image courtesy of HFF<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Madison Capital joint venture sold the 86th Street property, which is currently leased to Citibank.<\/p>\n","protected":false},"author":192,"featured_media":1004150679,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1600,21742,10,21749],"tags":[],"class_list":["post-1004150678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-new-york","category-latest","category-northeast","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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