TIAA-CREF, the financial services organization, has purchased the retail condominium at 2300 Broadway in a sales transaction brokered by international commercial real estate services firm Studley.
The property, at the northeast corner of 83rd Street, features 9,300 sq. ft. above grade and a 5,200-sq.-ft. basement is long term-leased to national retailers Chico’s and Charles Schwab.
According to market sources, the purchase price was more than $40 million.
“This purchase is consistent with the growing trend of institutional investors pursuing retail assets in New York City Woody Heller, executive managing director and head of Studley’s capital transaction group said in a statement.
The seller in the transaction was the Bromley Companies, which had developed the retail and accompanying residential condominium tower in the 1980s, one of the first major new developments on the Upper West Side at that time.
Heller, together with Will Silverman and Eric Negrin of Studley’s capital transactions group, represented the Bromley Companies in the sale.
For a roundup of the rest of the week's retail deals, go to RetailTraffic.com.