Brookfield Property Partners Sells Manhattan Retail Condo for $192M
Vornado is also selling some retail properties at a loss.
Brookfield Property Partners is selling its retail condo at 530 Fifth Ave., for $192 million, according to a source—the biggest retail trade of its kind in Manhattan since the beginning of the pandemic. The buyers are a partnership between Aurora Capital Assoc. and Edmond M. Safra.
Cushman & Wakefield’s Adam Spies, Kevin Donner, Marcella Fasulo, Doug Harmon, Adam Doneger, Josh King and Ben Lushing brokered the sale.
The block-long retail condo spans 60,000 square feet with 200 feet of frontage along Fifth Avenue and is 100% leased to tenants including Duane Reade, Chase Bank, Ugg and Five Below.
Four years ago, the property was valued at $334 million, according to Real Estate Weekly.
Retail properties in Manhattan have not been tracking well lately. Last week, Vornado Realty Trust announced it entered into agreements to sell five Manhattan retail properties located at 677 – 679, 759 – 771 and 828 – 850 Madison Avenue, 478-482 Broadway and 155 Spring Street for $184.5 million. In the aggregate, the properties currently have negative income and street level occupancy is approximately 30%, the REIT said in its announcement.
There will be a total financial statement loss of approximately $7 million, Vornado also said.
The properties are being sold in three separate sale transactions. The sale of the Madison Avenue properties is expected to close in the third quarter of 2021 and the sale of the Soho properties is expected to close in the first quarter of 2022. The transactions are subject to customary closing conditions.
The properties are unencumbered.