Ronald H. Cohen

(646) 424-5317

rcohen@besenpartners.com

 

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05/11/2020

Real Estate Weekly: 147 Duane Street Sold for 7.1 Million

Besen Partners completed the sale of 147 Duane Street in TriBeCa for $7,100,000. Ron Cohen and Jay Bernstein represented the seller, and Anna Ji of Kian Realty procured the purchaser. The property (pictured top) is a 5-story mixed use elevator building containing four free market apartments and 1,000 s/f of retail on the ground floor. The 6,200 s/f building is 25 ft. wide and has a usable basement. The apartments are all two bedrooms with keyed elevator access. The retail is occupied by Glowbar, a skincare spa whose lease runs through 2026. The selling price equates to $1,145 per square foot and a 4.3% capitalization rate. The seller was represented by Eugene Getty of Kellner Herlihy Getty & Friedman LLP, and the purchaser was represented by Henry Fong of Law Office of Henry Lee M. Fong.