NEW YORK CITY-Trevi Retail reports it has acquired 859 Ninth Ave. here, a six-story mixed-use building at the southwest corner of 56th Street and Ninth Avenue in Hells Kitchen.
The property contains 41 apartments and one large space occupied by Italian restaurant Putenesca. No purchase price for the transaction was disclosed. Paul Smadbeck and Christoffer Broadhead of Massey Knakal brokered the deal.
The purchase marks the 18th building acquisition for Trevi Retail since its founding in October 2011. Company officials say they are in contract on another acquisition that is expected to close next month.
“This property has a lot of long-term potential. This is a building that we are proud to own,” says Johnny McCarthy, Trevi Retail's chief investment officer. “Additionally, Massey Knakal and the seller were both a pleasure to deal with in this transaction.”
“We received a tremendous response from the market for 859-861 Ninth Ave., but the folks at Trevi Retail recognized quite clearly the true long-term value of this prime retail corner and the substantial future upside of the residential component as well,” Smadbeck says.
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