Prime Retail Condominium in Historic Nomad Nabe Sells for $6.75 Million


The Real Deal Magazine
April 23, 2014

Victor Homes, a real estate investment and development company, today announced the sale of the retail condominium unit located at 241 Fifth Avenue to Jack s Terzi’s JTRE for $6.75 million.

The retail condominium is located at the base of 241 Fifth Avenue, a recently developed 20-story boutique condo tower. The space features 3,500 square feet with 12 foot ceilings and over 30 feet of street frontage. This transaction marks the full completion of the project for its developer Victor Homes, as all of the residential units have been sold.

Situated between 27th and 28th Streets in the historic Madison Square North neighborhood, the area boasts a heavy concentration of trendy hotels and restaurants and shopping, together with classic Beaux-Arts architecture and iconic cast-iron buildings.
Jones Lang LaSalle’s Executive Vice Presidents, Yoav Oelsner and Glenn Tolchin, were responsible for brokering the transaction which garnered much interest.

“The lower Fifth Avenue corridor is one of the fastest growing retail markets in New York City”, says Yoav Oelsner. “We are extremely bullish on this stretch of Fifth Avenue given the recent development activity in the area – high-end residential conversions, boutique hotels, celebrity restaurants, destination retailers – they are all vying for space within this neighborhood.”