June 5, 2019 Comments Off on Compass’ Polsinellis Market Nolita Retail Views: 326 Downtown New York, New York News

Compass’ Polsinellis Market Nolita Retail

Compass’ Adelaide Polsinelli and Trystan Polsinelli are marketing a retail condominium at 262 Mott St. in Nolita. It’s occupied by TAGS, a West Hollywood- based boutique that launched in 2006.

“The strength of the tenant and the favorable term on the lease make this management-free asset a great investment for any portfolio,” said Adelaide Polsinelli.

Trystan Polsinelli added that “the attractive 5% cap rate makes this deal a perfect 1031 exchange.”

Originally built in the 1850s, as an armory, 262-272 Mott Street was converted to luxury residential loft condominiums in 1992. The ground-floor retail units were sold by Adelaide Polsinelli for $26 million, in 2016, along with three levels of below-grade storage units. She then resold three of the units last September.

Current retail tenants include Fjallraven USA, Tai Jewelry, TAGS, and Flannel from Australia.

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