New York City– RKF has arranged the $15.75 million sale of an 11,000-square-foot retail condo located at 250 Bowery in Manhattan. A team from RKF that included RKF Investment Sales & Advisory Services President Jeff Fishman, Senior Director Brian Segall and Senior Analyst Jonathan Butwin represented both the seller, 250 VE LLC, and the buyer, 250 Bowery Star LLC, an affiliate of developer David Edelstein’s Tristar Capital, on this transaction. David J. Furman of the New York office of Gibson, Dunn & Crutcher provided legal counsel to the buyer.
RKF also has been retained by the new owner to serve as the exclusive leasing agent for the property. The RKF leasing team consists of Chairman & CEO Robert K. Futterman, Vice President Beth Rosen and Associate Michael Yohai.
Located on the west block between East Houston and Prince Streets, 250 Bowery features 6,600 square feet of retail space on the ground floor with an additional 4,400 square feet on a lower level.
“The Bowery vibe has been building for several years now thanks to an eclectic mix of restaurants, hotels and stores that now call the Bowery home,” said the new owner of 250 Bowery, David Edelstein, President of Tristar Capital. “My partners and I are thrilled to have seized an opportunity to own one of the finest properties located in the very heart of the Bowery. We’re also excited to play a more active role in the ongoing transformation of this trendy district.”
The sale of 250 Bowery represents the latest of many Bowery-area property sales and leasing transactions that RKF has arranged on behalf of its clients. Most recently, RKF brokered a $9.25 million sale of a mixed-use building at 325 Bowery. In May, RKF was chosen to serve as the exclusive leasing agent for nearby 328 Bowery after RKF arranged for the property to be sold.
The country’s leading independent real estate firm specializing in retail leasing, investment sales and consulting services, RKF serves a broad spectrum of domestic and global clients in services ranging from national tenant and owner representation to advisory, consulting and dispositions. With approximately $20 billion in aggregate real estate transactions to its credit, RKF has been responsible for identifying scores of real estate opportunities throughout the United States for leading American and international chains, retailers, developers and institutional clients. RKF is headquartered in New York with offices in Chicago, Las Vegas, Los Angeles, Miami, Northern New Jersey, and San Francisco.www.rkf.com