Gazit-Globe buys New York retail center for $73m

Gazit-Globe managers

The property, located at 401 East 60th Street along First Avenue, is 100% occupied by two tenants, Bed Bath & Beyond and Starbucks Coffee.

Israeli income producing property company Gazit-Globe Ltd. (NYSE: GZT; TASE: GZT; TSX: GZT) has acquired its first New York property since selling its Equity One subsidiary last year. Through its wholly owned subsidiary Gazit Horizons Inc., the company has acquired a three-level, 92,000-square-foot retail condominium on Manhattan’s upper east side for $73.25 million, or just below $800 per square foot.

The property, located at 401 East 60th Street along First Avenue, is 100% occupied by two tenants, Bed Bath & Beyond and Starbucks Coffee. The property is situated one block north of the Queensborough Bridge, with both tenants having access and visibility along First Avenue.

Gazit Horizons president and CEO Jeff Mooallem said, “We are excited to acquire our first Manhattan asset, in a neighborhood that we know very well. Bed Bath & Beyond and Starbucks are companies we have done business with for years, and their longstanding presence in this market was a significant component of the acquisition. In addition, we expect the property’s unique location adjacent to the bridge and the demand for medical and commercial space along First Avenue will allow us to unlock additional value over time. CBRE and The Brodsky Organization were excellent to deal with, and we appreciate their efforts in completing this transaction.”

Published by Globes [online], Israel business news - www.globes-online.com - on October 8, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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Gazit-Globe managers
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