June 5, 2019
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.
For comments, questions or concerns, please contact Paul Bubny