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.”