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205 Bleecker Street Acquired With Plans to Improve Retail in Greenwich Village

Aug 3rd, 2015

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Infinity Real Estate Expands Its Portfolio of Prime Urban Retail

New York, NY, August 3, 2015 – Infinity Real Estate, a wholly owned business unit of the Infinity Group, in partnership with Seven Equity Group, announced today the purchase of 205 Bleecker Street, a 6,097 square foot retail condominium located in historic Greenwich Village.

Situated on the corner where 6th Avenue, Bleecker Street and Minetta Street converge, the distinctively shaped storefront provides over 200’ of combined frontage. The convenient location offers excellent visibility to hundreds of thousands of pedestrians, as well as a high-volume of north-bound vehicular traffic on Sixth Avenue. The property has great access to the West 4th Subway Station and Washington Square Park, and is part of collegiate life at New York University and The Cooper Union.

The retail condominium at 205 Bleecker Street was sold by Forest Hill Property Group for $9.75 million to Infinity Real Estate and Seven Equity Group.

Greenwich Village is one of Manhattan’s most thriving retail corridors. The desirable submarket neighbors SoHo, Meatpacking and the West Village; each supplying a diverse selection of eateries, galleries, retailers and nightlife to residents, students and daily tourists. “This acquisition represents our strong dedication to urban value-add retail in prime corridors, as we continue to actively pursue new opportunities,” said Ray Falack, principal of Seven Equity Group.

The Flatiron type structure is a 6 story prewar building, with 40 residential co-op units, anchored by a full ground floor of retail. 605 Bleecker was previously home to American Apparel. It was also Banana Republic’s first location in New York City, which it occupied for over twenty-five years. The retail space is currently being marketed for lease by a team led by Ross Berkowitz of RKF.

The retail space consists of approximately 3,772 square feet on the ground level, with an additional 2,325 square feet of usable selling space on the cellar level. The new ownership is working with Zyscovich Architects to illustrate how a single user can maximize the space, as well as to develop multiple subdivision scenarios to create value and attract the ideal co-tenancy.

205 Bleecker is the most recent addition to Infinity’s growing portfolio of prime urban retail properties. The new acquisition complements Infinity’s existing assets in the area, part of 125K square feet of strategically positioned retail in New York City, and a 1.5M square foot national urban retail portfolio. “205 Bleecker exemplifies our commitment to acquire and reinvent retail properties in irreplaceable urban locations,” said Steven J. Kassin, managing partner at Infinity Real Estate. Kassin continued, “We look forward to leveraging our experience in this submarket, as well as expanding our relationship with the growing list of retailers throughout our national portfolio.”

About Infinity Real Estate, LLC:

Infinity Real Estate is a New-York-based private real estate owner, investor, and operator focused on the acquisition, redevelopment, and repositioning of commercial properties across select U.S. markets. Infinity Real Estate is the property acquisitions, development, and management unit, owned and operated by the Infinity Group. The Company’s owned portfolio comprises of approximately 50 commercial properties and development projects in 13 states. Through its affiliates and portfolio companies, Infinity has managed in excess of 115 properties representing over 20 million square feet. The company’s principals have led or have directly transacted in over $4.5 billion of real estate related investments, representing over 75 asset or project acquisitions or developments, as well as several private corporate deals. The Company has established a strict investment discipline centered on active management of all its projects. For more information about Infinity Real Estate, visit infinitygrpms.wpengine.com.

 
About Seven Equity Group, LLC:

Seven Equity Group is a real estate owner, investor and operator focused on managing and redeveloping retail, mixed use and multi-family buildings in major U.S. markets. The company has a strong commitment to investments in emerging and established neighborhoods and prides itself on a proactive and ethical approach to management. The Company acquires transformative retail and mixed use property ripe for reinvention, and targets assets between $25 million and $100 million. The Company’s principals have transacted in over $600 million of real estate related investments. For more information visit, www.sevenequity.com.