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. 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.