Adelaide Polsinelli, Vice Chair of Compass, has recently completed the off-market sale of three retail condos located at 262-272 Mott Street, in the heart of Manhattan’s Nolita. The condos, consisting of 2,500 square feet, sold for $7,350,000, just under $3,000 per square foot. The buyer, a mom-and-pop firm, plans to occupy the space.
The deal marks the third sale of the retail space in two years. In 2016, the stores sold for $26 million, a price that included three levels of below-grade storage units. ASG Equities, a local investor, purchased all five retail condos at 262-272 Mott Street in December.
Now, Adelaide Polsinelli together with Trystan Polsinelli, also part of the Investment Sales Division at Compass, re-sold three of them to a local investor. This comes as good news, after some have been worried about New York City’s vacant storefronts.
“It’s encouraging and fascinating to see how robust the retail sales market is in Nolita,” said Polsinelli. “Nolita, a vibrant neighborhood that is only four blocks wide, continues to attract shoppers and tourists from all over the country with its effortlessly cool vibe.”
Located right across the street from St. Patrick’s Old Cathedral, 262-272 Mott Street was built in the 1850s and converted into luxury residential condominiums in 1992. The property features 120 feet of retail frontage on Mott Street, providing valuable visibility. Currently, retail tenants include Fjällräven USA, Tai Jewelry, TAGS, and Australian clothing company Flannel.