LCOR found a buyer for its retail condominium at 25 Broad St., the landmark former office property that the developer converted mostly to luxury condo apartments.
Regal Acquisitions, a privately-held real estate investment firm, paid $10.5 million for the 20,000- square-foot storefronts. The largest is occupied by Bobby Van’s steakhouse, where its lease expires in May. The other tenants are Indochino and Exchange Cleaners.
Marcus & Millichap’s Nat Rockett, who brokered both sides of the deal, cited an “aggressive buyer who’s willing to take market-leasing risk during a challenging time for the city’s retail environment.”
LCOR senior VP Anthony Tortora said his company decided to sell the retail portion “in connection with our conversion of the building to residential condominium.
“We remain committed to the residential portion of 25 Broad St. as we continue to market one of the best value propositions in the condominium market today: a landmarked, highly amenitized” downtown building “within a two- to five-minute walking distance to nine subway lines.”