Upper East Side Retail In-Contract for $153M
G-City, the Israel-based investment firm formerly known as Gazit Globe has entered into contract to sell the retail space at the base of the mixed-use condominium located at 400 East 61st Street (alternate address of 410 East 60th Street). Located in the Lenox Hill section of the Upper East Side the pending sale attracted a price of $153 million; and will in the next few years house an approximately 120,000-square-foot Home Depot store, which committed to a 20-year deal for the space at a rent of $659 per square foot in 2020. The sale is expected to generate approximately $30 million in net proceeds, G City’s U.S. subsidiary Gazit Horizons had acquired the retail space and garage through a trio of transactions in 2017 and 2018 for a combined total of $79.75 million according to city records. It has yet to be verified if the sale includes the garage as well as the retail units.