April 19, 2017
TH Real Estate has acquired a retail condominium from Savanna on the ground floor of 10 Madison Square West in Manhattan’s Flatiron District.
“Given its excellent visibility and strong national tenancy, we believe the asset will provide long-term stable income and an excellent return profile and will make a great addition to our urban retail portfolio in New York City,” said Todd Rollins, senior director, TH Real Estate, which is an affiliate of Nuveen, the investment management arm of TIAA.
Built in 1915, 10 Madison Square West is a luxury condo building, with residences currently listed at an average $7 million per unit. The 20,619 square foot retail condo is 100% leased. PetSmart is now building out the bulk of the retail space. The remaining 4,000 square feet is home to a branch of Citibank.
TH reportedly paid $97.5 million — and TH has not asked the Commercial Observer to correct its reporting. That’s 50% more than the price Savanna paid to buy the retail condo three years ago.
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