A group of equity owners in Shops at Columbus Circle, near the Southwest corner of Central Park, is seeking to cash in on about $450 million if it results in an outright sale.
Newmark is marketing the retail property on behalf of Related Companies, Abu Dhabi Investment Authority and Mack Real Estate, according to a report from the Commercial Observer. Along with a full sale, the trio of investors are also open to selling a smaller stake, the news outlet noted.
The brokerages Doug Harmon, Josh King, Marcella Fasulo, Avery Silverstein, Ben Lushing and Adam Apies are involved in the process.
Citing sources, the CO said that bids are due in 45 days.
Whole Foods, with its 57,957-square-foot space, anchors Shops at Columbus. In fact, that location is the best-performing Whole Foods in the country in terms of gross profit.
Some other brands at the property include Momofuku, We All Gotta Eat, Masa, Bad Roman, H&M, Equinox and J.Crew. Also, Aritzia and Madewell recently inked leases to take 16,000 and 6,000 square feet to operate at the property.
Overall, the site at 10 Columbus Circle spans 351,246 square feet, with two underground concourse levels and four retail floors.
Prime retail in New York City, which includes key Manhattan submarkets like Fifth Avenue, Times Square and SoHo — continues to hold strong fundamentals. For one, availability stayed at a record low of 13.7 percent at the end of the first quarter, according to a report from JLL. Also, asking rents rose modestly, up $11 per square foot on a quarterly basis and 1.4 percent year-over-year to $585 per square foot.
JLL predicts that the limited options for retail in NYC will force tenants to seek space in non-core submarkets.
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