SL Green Realty Corp. has sold 27,000 square feet of retail condominium space at 609 Fifth Ave. in Manhattan for $170 million, reported Bloomberg.
Billionaire U.K. real estate investors David and Simon Reuben are the new owners.
The retail property is leased to Puma. SL Green will remain owning the office portion of the 13-story building, which is leased to WeWork.
Average retail asking rents in the city continued to fall during the first quarter, which started Jan. 1 and ended March 31, with the average of the New York City neighborhoods surveyed dropping 9 percent year over year to $714 per square foot, the report said. This marked the tenth consecutive quarter of declines. On a year-over-year basis, 13 of the 16 corridors tracked by CBRE, including the Upper East Side and Upper West Side, saw rent decreases.
