Merof LLC just completed a $8 million sale of 75 Greenwich Ave. to 75 Greenwich Avenue Associates LLC.
This is a record for Greenwich Avenue on a cost-per-foot basis -- $1,428 per square foot.,"
The previous record of $1,238 per square foot for three buildings at 98 Greenwich Ave., which sold for $23.5 million in October 2005.
Excitement is returning to Greenwich Avenue.
Greenwich Avenue remains a popular and sophisticated shopping destination.
Sephora, an upscale cosmetics retailer that occupies 75 Greenwich Ave. is in the middle of a long-term lease for the 5,600-square-foot building.
22 Elm Place Co. LLC, owner of 356 Greenwich Ave., recently signed Apple.
Investors see Greenwich Avenue as a place with steady growth and little risk.
The average retail per-square-foot rent for the avenue is slightly less than $100. The majority of newly signed rents are now in excess of $100 per square foot.
Greenwich Avenue and Greenwich in general are safe bets.
Inquiries to the Greenwich Real Estate Office, Country Estates And Manors regarding Greenwich properties have been increasing.
Several Greenwich Avenue properties are owned by Europeans. Greenwich is internationally known. European investors get the advantage of a weak dollar.
The sale of 75 Greenwich Ave. is the only ownership conveyance on the Avenue this year, but the price is an indication that interest Greenwich commercial real estate properties.
There's great value in owning Greenwich real estate