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NEW YORK CITY-A 28,142-sf Midtown retail block hits the market as a group of TIC investors seek to maximize their investment. The leasehold interest in the entire block of street level shops extending from Duane Reed on the Southwest corner of West 57th Street and Sixth Avenue, southward to the Northwest corner of Sixth has an asking price of $35 million.

The seller is Carnegie Retail LLC, the tenant in common with Carnegie House, which owns and operates 100 West 57th St.'s residential component, as well as 75 percent of the ground lease on the subterranean parking garage. Eastern Consolidated's senior managing directors Ronald A. Solarz and Eric M. Anton, and financial analyst Zachary Bennett are representing the sellers.

Anton tells GlobeSt.com that the current investors have made improvements and leased up the space and are now looking to "maximize their investment." He adds that the leasehold interest in this block of seven shops lining the West Side of Sixth Avenue provides a steady return and requires very little on-site maintenance or management. "It represents an ideal 1031 Exchange play for the right purchaser."

The 63-year term on the leasehold interest in the block is offered in three 21-year renewal periods. Anton adds that the as per the TIC agreement, real estate taxes are reduced by an abatement amounting to $400,000.

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GlobeSt.com EXCLUSIVE: Retail Site Goes on the Block

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