Prime NoMad storefront is latest acquisition for neighborhood expert Jack Terzi
NEW YORK, NY – May 16, 2014 – JTRE, a leading New York City-based commercial property owner and retail brokerage firm, has acquired a prime NoMad retail condo located at 31 East 28th Street in the historic and thriving Madison Square North neighborhood for $4.2 million, all cash with a 30 day closing.
Situated on 28th Street between Park and Madison avenues, the 6,000-square-foot retail condo includes 4,000-square-feet of ground-floor retail space and 2,000-square-feet on the lower level. Catherine O’Toole, managing principal, Greg Gang, executive director, and Stephanie Moore, director, of Coldwell Banker Commercial (CBC) Alliance represented the seller in the transaction. The retail condo is being delivered vacant and will be marketed by Ricky Braha of JTRE to world-class resaurants and fitness tenants.
Jack Terzi, CEO of JTRE, identified the NoMad District as the next great New York City neighborhood to eat, shop, live and play years ago and has since become heavily invested in the area. Today the NoMad district is brimming with the city’s most cultivated hotels and restaurants.
31 East 28th Street is surrounded by some of the city’s highest-profile attractions and most sought-after hotels, such as the NoMad Hotel, The Gansevoort Park Hotel and The Ace Hotel, as well as famed eateries, including The Breslin, Eleven Madison Park, Sarabeth’s and Mario Batali’s Eataly. In recent years, artisanal dining options, including Stumptown Coffee Roasters, SweetGreens, No. 7 Sub and Jay-Z’s 40/40 Club, have captivated the neighborhood.
In early 2014, JTRE acquired a 3,500 square foot retail condo at 241 Fifth Avenue. The condo features 12-foot ceilings and more than 30 feet of street frontage. The firm was also selected to market retail space at 246 Fifth Avenue on the corner of 28th Street. 246 Fifth Avenue offers 5,200 square feet of ground floor retail space and 5,200 square feet on the lower level and second floor.
NoMad has not only attracted retailers, but has become a thriving residential destination with new developments such as 400 Park Avenue South, The Whitman and 10 Madison Square West currently under construction. Prominent office buildings in the NoMad neighborhood include 419 Park Avenue South, The Bancraft Building and 230 Fifth Avenue.
Over 240,000 residents live within one mile of 31 East 28th Street and over 268,000 employees work within a half-mile of the building, making it an ideal retail location. The residential population in the area immediately surrounding 31 East 28th Street has grown nine percent in the past few years alone and over 800 residential units are planned for 2014.
For more information on CBC Alliance, visit http://cbcalliance.com/
About CBC Alliance
Coldwell Banker Commercial Alliance is a national commercial real estate brokerage company headquartered in New York City, dedicated to serving private investors, owners, and small/mid-cap corporate users of real estate. The firm currently has offices in New York, Los Angeles and Orange County, Calif., Dallas, Miami, and Denver, 150 professionals, $800 million in closed transaction value and over six million square feet under management. The company is also an independently owned and operated affiliate of the international Coldwell Banker Commercial® organization and one of the top offices in the firm’s global network of over 200 offices and 3,000 brokers.
CBC Alliance was founded by Waterfall Asset Management (Waterfall), an investment manager with approximately $3.0 billion in client assets under management. Waterfall has also acquired more than $1 billion of small-balance commercial loans nationally for its clients. In addition, CBC Alliance principals have the exclusive opportunity to invest in a REIT and tap into small business capital loan products sponsored by Waterfall’s real estate finance company Sutherland Asset Management of which CBC Alliance is a wholly owned subsidiary. Branded as Sutherland REIT, it’s a real estate finance company that acquires, originates, manages and finances commercial loans as well as asset-backed securities and other real estate-related investments.