Upper West Side Retail Condo Trades for $32.5M
The current home of business supply retailer Staples at 2250 Broadway between West 80th and 81st Streets has been purchased by Westside Market. According to the condo declaration posted on city records, the 34,353-square-foot unit includes space on the cellar, ground level, second, and 5th floors at the base of 227-unit mixed-use condominium. The sale by Angelo, Gordon & Co., LLP attracted a price of $32.5 million, having last traded in September 2022 for $27 million. According to a 2022 press release by Crain’s New York, Staples leased the space within the site of the former RKO 81st Street theater in 1998 under a 15-year term that apparently included extension options. The transaction was financed by Metropolitan Commercial Bank, which provided an $18 million loan that refinanced $17,421,729 in remaining unpaid principal of a $17.55 million loan provided by the lender in 2022 and added a newly originated $578,280 gap mortgage. Plans for the site that is diagonally across from a Zabar’s market have yet to be announced, the family-owned grocery chain reportedly opened its first location in 1977 on West 110th Street and currently operates seven locations throughout Manhattan.