Monday, June 26, 2017

55 Third Ave. sells for $57 million — AGAIN

A transaction from last week to note... in which Benchmark Real Estate Group sold 200 E. 11th St. (aka 55 Third Ave.) to an affiliate of Shorenstein Properties for $57 million, per The Real Deal.

That was the same price that Benchmark paid for the building in 2013. However, they sold the retail condominium portion in 2015 for $25 million, The Real Deal reported.

In 2014, the previously rather drab and dormy-looking building received a facelift and rebranding to become more luxurious with rents going upwards of $10k a month.

Flashback to 2013!

Meanwhile, this seems like a good time to recap the retail coming-and-goings here.

For starters, M2M closed here back in February. In the photo below, the discrete red arrow points to where work continues on the space for Wagamama, the London-based chain of Japanese restaurants, set to open later this year. And the greenish arrow points to where Danny Meyer's Union Square Hospitality Group is opening Martina, a pizzeria, at 198 E. 11th St. ...

Previously on EV Grieve:
Someone actually paid $57 million for this East Village building

Reimagining this 12-story East Village building, now on the market

NY Copy & Printing forced out of longtime E. 11th St. home, opening second location on E. 7th St.

Danny Meyer's Union Square Hospitality Group planning Martina for 55 3rd Ave.


Gojira said...

What I want to know is, where and when will the new M2M open? One staff member told me back in February that they were already building out the new space "down the street", and that's the last I've heard. Anyone have any info? I miss my Hiyashi Chuka noodles!

Anonymous said...

@Gojira, an employee at m2m told me that they expected to re-open in August/September of this year in the retail space of the NYU dorm farther south on 3rd Ave - where St. Alp's, Subway Sandwiches, etc. had been. I haven't been down there to see if there's any activity.

I do hope m2m comes back to 3rd Ave. soon!

Anonymous said...

I do hope that M2M will be back on Third Avenue soon. They're much missed! (And I STILL miss Saint's Alp, even in the face of their many bubble tea successors.)

Gojira said...

Oh thank you, Anon. 12:48! I will wander by later today and report back!

EV Grieve said...

I've been keeping an eye on that retail strip in the base of NYU's Alumni Hall between Ninth Street and 10th Street where M2M said they were going.
Four of six storefronts are empty. No new work permits are on file with the city.

Gojira said...

Thanks, Grieve. I went by this afternoon, one storefront does not have a "For Lease" sign in the window, but there were no signs of life or work anywhere. And if that is a new space for M2M, it will be about 1/6th the size of what they were forced to give up. Now I am afeard that we will not be seeing them again, despite all their assurances.