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Acquisitions

Athena Vrettos buys two retail condos

Turn-key assets traded at a 4.75 cap

Athena Vrettos has acquired two retail condos at 13 First Avenue and 271 Church Street from Premier Equities for $20.1 million, per city records. The turn-key assets are located in the East Village and Tribeca, and span a total of 10,153 SF.

Be Smart: Sources close to the deal confirmed that the property traded at a blended 4.75 cap. 

Flashback: Premier Equities paid a total of $11.45 million for the condos around three years ago. Solid return in a tough retail environment.

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