Retail Condo on Upper East Side Sells for $14.5M to @HubbNYC
150 East 85th Street retail condo sells for $14.5M to @HubbNYC
The retail condo at 150 East 85th Street on the Upper East Side has been sold for $14.5 million to @HubbNYC. The property spans 9,842 square feet and was sold by Joshua Halegua of Citi-Urban Management.
The retail condo is located on the ground floor of a 12-story residential building. The space features 25 feet of frontage on East 85th Street and 14-foot ceilings. The property is currently leased to a Duane Reade pharmacy.
@HubbNYC is a real estate investment firm that focuses on acquiring and managing commercial properties in New York City. The firm has been active in the market, recently acquiring a retail condo on the Upper West Side for $10.5 million.
Joshua Halegua of Citi-Urban Management is a New York-based real estate investor and developer. The firm specializes in the acquisition and management of commercial properties in the city.
The deal was brokered by Johnny McCarthy and Jesse Terry of Cushman & Wakefield. Cushman & Wakefield is a global real estate services firm that provides leasing, sales, and property management services to clients around the world.
The sale of the retail condo at 150 East 85th Street is indicative of the strong demand for commercial properties in New York City. Despite concerns about the retail sector, investors are still willing to pay top dollar for well-located properties with strong tenants. As the market continues to evolve, it will be interesting to see how investors respond to changing conditions and new opportunities.