Commercial Real Estate & Advisory

Tribeca’s largest retail condo sold by Sinvin for $13M

December 21, 2005

TriBeCa’s largest retail condominium, on the ground floor and cellar of the twin-towered Greenwich Court residential complex at 275 and 295 Greenwich Street, has been sold for $13.75 million by Sinvin Realty Corp.

After holding the property for 18 years, the sellers of the property capitalized on the impact two huge under-construction mixed-use projects are already having on the Tribeca retail market.

The first of the two new projects is being developed by Edward Minskoff directly across the street, and will include a Whole Foods Market and Barnes & Noble. Jack Resnick & Sons, Inc. is developing the second – which sold 48 residential units in its first three days on the market – at 200 Chambers Street. The Greenwich Court retail condo consists of 18,000 s/f of ground floor retail and 7,000 s/f of cellar space within its two towers. Selling is Greenwich I Associates, LLC, a partnership whose members were looking to dissolve it.

Bruce Sinder, president, and Christopher Owles, managing director, of Sinvin Realty represented the seller. They will continue to act as exclusive retail leasing agents on the property under the new ownership. The buyer Wiana Realty Corp., represented itself.

Greenwich Court consists of two 11-story, 262-unit luxury condominium buildings constructed in 1987 by The Shaw Company and designed by architectural firm, Gruzen Sampton, LLP. The retail condo has 650 feet of frontage.