Brack Capital Real Estate USA has sold the retail portion of its residential development at 15 Union Square West in New York City to the State Teachers Retirement System of Ohio (STRS) for $57.88 million, according to Issac Hera, chief executive officer at Brack.

The retail space consists of four retail stores on the first, mezzanine, and cellar floors of the building, totaling 14,494 sq. ft. Three of the stores are leased, to HSBC Bank, Lululemon Athletica, and Sketchers. The remaining space, approximately 3,860 sq. ft. on 15th Street is available for rent.

“This sale indicates the strength of Union Square as one of the city’s best places to live, shop and work, and is a strong testament to 15 Union Square West’s iconic location and lasting value,” says Hera.

Bill Shanahan and Darcy Stacom of CB Richard Ellis represented Brack Capital Real Estate in the transaction. Brack owns, develops and manages large-scale real estate projects and related merger and acquisition activities. It has offices in New York, Miami, London, Mumbai, Beijing, Budapest, and other cities.

Recently, it transformed a former location of Tiffany & Co at 15 Union Square West into a residential condominium, and completed development of the James Hotel in Soho.