$35,250,000 Purchase of 897 Eighth Avenue Includes Acquisition of 21,272-Square-Foot Parking Garage Condo
In close proximity to Columbus Circle, the property is anchored by Gristedes supermarket and several established retail tenants
NEW YORK, Oct. 13, 2022 /PRNewswire/ — Regal Ventures, a real estate investment firm headquartered in New York City, has acquired a 37,165-square-foot, grocery-anchored retail and parking condo at 897 Eighth Avenue in the Hell’s Kitchen neighborhood on Manhattan’s West Side.
The property’s retail component is 15,893 square feet in size, while the parking portion measures 21,272 square feet.
The company, formerly known as Regal Acquisitions, purchased the property from Prudential Financial last month for $35,250,000.
The site, located four blocks south of Columbus Circle, spans the full block between 53rd and 54th Street on the west side of Eighth Avenue.
The Hell’s Kitchen property’s retail component includes several well-established, neighborhood outlets, including the Gristedes supermarket anchor, Pick a Bagel, Da Tommaso Ristorante, and Metro Cleaners. It also features Blank Street Coffee and the Mega Nail Spa.
“Regal Ventures is discovering sound investment value in high-population neighborhood, urban retail settings,” said Alex Smith, the firm’s co-founder and managing partner. “While the overall pace of retail sales has slackened considerably over the past few years due to the disruption from ecommerce, we’re seeing neighborhood retail in dense population areas continue to thrive and grow.”
“We’re particularly excited about this asset because the tenant mix is well diversified and poised to succeed, even in today’s uncertain economic environment.”
Joey cohen, co-founder & managing partner
“A strong grocery anchor like Gristedes brings stability to the block and neighboring tenants.”
“Despite turbulence in the economy, the underlying fundamentals of America’s retail sector are showing considerable strength,” said Sean Dainese, managing partner of Regal Ventures. “Regal Ventures perceives this strength in carefully selected, urban retail assets that we feel have been overlooked and undervalued by the market.”
- Morrison Street Capital provided a portion of the equity for the acquisition of the Eighth Avenue site.
- The site’s retail portion is capped by a 253-unit, 25-story residential condo tower.
- In July, Regal Ventures secured a 46-percent mark-up in value by selling a portfolio of office buildings in Mt. Laurel, NJ for $51 million. The company had purchased it in September 2021 for $35 million.