Property Overview: 156-168 Bleecker Street is a 30,000 sf retail condominium located on Bleecker Street in the heart of Greenwich Village, NYC. The property spans the entire block between Thompson and Sullivan Street, providing JMC with the rare opportunity to control a full block of retail in a heavily trafficked and transit-oriented corridor. The property is currently 100% leased to seven tenants, including CVS and Chase.
Investment Overview: JMC acquired the property for $30.6MM in 2011 in an off-market transaction from a non-institutional owner. The asset was fully leased but with significantly below market rents and with 95% of the rent roll expiring within its business plan. In controlling a full-block of retail, JMC would have the rare ability to re-brand and re-merchandise 200’ of frontage in a neighborhood with exciting growth potential.
156-168 Bleeker Street
New York, NY