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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Sonnenblick-Goldman Company Arranges $18.6 Million Sale of Retail Condominium on Upper West Side
Deal is the Latest High-Profile RetailCondominium Transaction by Sonnenblick-Goldman
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Wednesday, August 03, 2005
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New York, NY
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Sonnenblick-Goldman, acting on behalf of Clarett Capital LLC, has arranged the $18.6 million sale of the retail condominium at 2770 Broadway, the 22-story, 64-unit luxury condominium recently completed at the southeast corner of West 107th Street. The price represented a 5% cap rate.
The buyer was a private group based in Atlanta, Georgia.
“Having leased the 7,500 square feet of ground floor space to the Bank of America and Lenscrafters, we believed it was the right time to sell the retail condominium,” says Dan Hollander, managing director of Clarett Capital, a joint venture between The Clarett Group and Prudential Real Estate Investors.
“The buyer was attracted to the tenancy, the financing available and the quality of the neighborhood,” says Steven A. Kohn, president of Sonnenblick-Goldman Company.
Sonnenblick-Goldman Company has sold various other retail condominiums in Manhattan, including the sale of 828 Madison Avenue, 777 Madison Avenue and The Broadway (at 81st Street and Broadway).
In December 2002, The Clarett Group formed Clarett Capital, LLC in conjunction with Prudential Real Estate Investors (PREI), to develop rental and condominium properties. Clarett Capital is currently developing six New York City properties as well as one Los Angeles property. 2770 Broadway, a 22-story luxury condominium on the Upper West Side is open for occupancy and construction has begun on Place 57, a 36-story luxury condominium featuring a Baccarat lobby and crystal garden located at 207 East 57th Street. Construction has also begun at Chelsea House on West 19th Street and at Sky House, a 54-story luxury building on East 29th Street. |
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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