Regions Northeast
Extell Development Puts Manhattan Retail on Block
Aug 20, 2008

A retail co-op occupied by Duane Reade in New York City is being put on the block by Extell Development, according to Eastern Consolidated, which is acting on behalf of the seller. The asking price is $17.4 million, which comes to a 5.75 cap rate. The co-op consists of a 6,900-square-foot ground floor store with a 5,400-square-foot basement. It is at 1235 Lexington Ave. Eastern Consolidated's Eric Anton, Ronald Solarz, David Schechtman, Paul Nigido and Benjamin Fishkind are marketing the retail co-op. Duane Reade is on a 20-year lease with 12 percent rent increases every five years. The co-op is on the ground floor of a 14-story luxury high-rise residential building.

 
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