Regal Ventures, a real estate investment firm headquartered in New York City, has bought a 37,165-square-foot, grocery-anchored retail and parking condo in the Hell’s Kitchen neighborhood on Manhattan’s west side.
The property’s retail component is 15,893 square feet in size, while the parking portion measures 21,272 square feet. The company purchased the property from Prudential Financial last month for $35,250,000. The site spans the full block between 53rd and 54th street on the west side of Eighth Avenue. The Hell’s Kitchen property’s retail component includes several neighborhood outlets, including the Gristedes supermarket anchor, Pick a Bagel, Da Tommaso Ristorante, and Metro Cleaners. Morrison Street Capital provided a portion of the equity for the acquisition of the Eighth Avenue site.
“Regal Ventures is discovering sound investment value in high-population neighborhood, urban retail settings,” said Alex Smith, co-founder and managing partner. “While the overall pace of retail sales has slackened considerably over the past few years due to the disruption from ecommerce, we’re seeing neighborhood retail in dense population areas continue to thrive and grow.”