Union Square Retail Goes for $58M

New York City

Brack Capital Real Estate USA has sold the retail portion of its residential development at 15 Union Square West to the State Teachers Retirement System of Ohio for $57.9 million. The retail space consists of four retail stores on the first, mezzanine, and cellar floors of the building, totaling 14,494 square feet. Three of the stores are currently leased; one to HSBC Bank, one to Lululemon Athletica and another to Sketchers. William Shanahan and Darcy Stacom of CB Richard Ellis represented Brack. 

Ruben Isak of Falco & Isak Realty Services brokered the sale of a 44-unit, six-story elevatored apartment building at 28-05 33d St. in the Astoria section of Queens. The seller in the $6.65-million deal was 2805 AI LLC; the buyer, Page 4 LLC. The 37,200-square-foot property traded at a cap rate of 5%, at a gross rent multiplier of 11.5X.

Communication Partners Group LLC, which develops promotional medical communication and education programs, has signed an eight-year, 21,891-square-foot sublease at 360 Madison Ave. Formerly known as Impact Group, the company is expected to relocate from 330 Madison Ave. in April. Studley’s John Mambrino and Nicholas Farmakis represented the tenant in the transaction; Michael Liss of CBRE represented sublandlord Bank of Montreal. The building is owned by Stawski Partners.

Design firm the Switzer Group has leased the entire 14,500-square-foot seventh floor at Charles S. Cohen’s 3 E. 54th St. for its new corporate headquarters. The Cushman & Wakefield team of Bruce Mosler, Arthur Mirante and David Glassman, together with David Nevins of Cohen Brothers Realty Corp., represented the building owner in the 10-year leasing transaction. C&W’s Stuart Romanoff negotiated for Switzer.

Bank of Taiwan has renewed a 10-year lease for approximately 9,000 square feet of space at 100 Wall St. Harry Krausman and his Cassidy Turley colleague Stephen Bellwood represented Bank of Taiwan, while Frank Centro and Jonathan Fein of C&W represented the property’s ownership, 100 Wall Street Property LLC, L&L Holding Co., in the transaction.

TF Cornerstone recently signed a 10-year, approximately 3,500-square-foot lease with Bakehouse at 113 Horatio St. In addition to the ground floor, the bakery will occupy approximately 3,500 square feet of the building’s basement and will primarily be wholesaling cakes and pastries to the hotel and restaurant industry. The space will also be built out to accommodate a caf