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New York Family Markets $300M Retail Portfolio

Investors eager to snap up property on New York’s most famous retail corridors are in luck: The New York-based Duell family is putting on the market a portfolio of prime retail locations, according to Bloomberg. The asking price for the portfolio, which consists of nine mostly retail properties, is $300 million, according to a source.

Darcy Stacom, a broker at CBRE who is establishing her own firm, is handling the sale, Bloomberg says. Seven of the buildings are in Greenwich Village and two are in Midtown with the “crown jewel”, according to Stacom, located at 5 E. 57th St., a tower just off Fifth Avenue with a David Yurman store at the base. That building is 90% occupied with the David Yurman lease running through early 2028. It is close to the part of Fifth Avenue where Kering SA and Prada SpA recently acquired properties.

“People have been chasing these properties for a very, very long time,” Stacom told Bloomberg. “It’s clear that the money is concentrating in the 1% of the space, whether that be the highest-quality residential, highest-quality retail or highest-quality office."

Net Lease Spring:

Held April 16-17 in NYC, Net Lease Spring will bring together hundreds of dealmakers from the nation’s top firms. This year’s program will feature 5.5 hours of face-to-face networking and over 5 hours of content focused on micro and macro trends for 2024, being resilient through market volatility, how to serve your corporate tenant clients and much more! Learn more or register here.

Multifamily Spring:

Multifamily Spring is coming to New York City this April 18. This year’s program will bring together the industry's most influential and knowledgeable real estate executives from the multifamily sector for 5 hours of face-to-face networking and over 5.5 hours of can’t miss sessions. Learn more or register here.
Reprinted with permission from the Thu, 29 Feb 2024 06:22:34 EST online edition of GlobeSt © 2024 ALM Media Properties, LLC. All rights reserved. Further duplication without permission is prohibited, contact 877-256-2472 or reprints@alm.com.