Adelaide Polsinelli, vice chairman, and Trystan Polsinelli, senior executive director of Compass Commercial, finalized the sale of a 16,000-square-foot retail condo with 160 feet of wraparound frontage located at 350 6th Ave., also known as 88 Washington Pl., on the northeast corner of Sixth Avenue in Greenwich Village.

The property was sold for $16.5 million to an NYU-affiliated community center and preschool operator. The sale included two separate condo units spanning the ground floor and second floor of the property.

The sale not only activated a prime thoroughfare that had remained vacant since the pandemic but also provided the purchaser with a premier location for educational use, according to Adelaide Polsinelli.

“This high-profile property’s location and features made it one of the most sought-after assets in the area,” said Adelaide Polsinelli. “Its versatility, paired with proximity to transportation and historic landmarks, offered an unparalleled opportunity for the buyer to expand their community presence.”

A lot has been written about Acadia’s ambitious project: buying up as many as a dozen Henderson Avenue properties to develop one large mixed-use project. Acadia spent $85.4 million in 2022 on individual parcels along the corridor. Acadia has partnered with Dallas-based Ignite-Rebees on the development, which will span about 161,000 square feet: 12,000 square feet of restaurant space, 75,000 square feet of retail space, and 74,000 square feet of office space.

The Dallas Business Journal reports construction has begun. The retail hub will occupy 4.75 acres on the east side of Henderson, on land that has been vacant for decades. The project is expected to be completed by fall 2026. Dallas-based architecture firm GFF was tapped to design the project and Balfour Beatty is the general contractor.

The office portion of the new development will be dubbed Henderson East. Office leasing will be overseen by Newmark and Setstudio is the interior designer for the office portion.

Vornado Realty Trust said its 52% owned street retail joint venture has entered into an agreement to sell Japanese apparel brand Uniqlo the portion of its U.S. flagship store at 666 Fifth Ave. owned by the retail JV for $350 million. Separately, Uniqlo will acquire the remainder of the store from Brookfield Properties, the owner of an office condominium branded as 660 Fifth Ave.

The JV owns the fee condo interest in 17,295 square feet of Uniqlo’s 90,732-square-foot store. In conjunction with the closing of the sale of both portions of the store, which is expected to occur in the first quarter of 2025, the pass-through leases between the office condo owner and the retail JV will be terminated.

Eastdil Secured acted as an advisor to Vornado’s street retail JV. Vornado said the JV will continue to own 23,832 square feet of retail space at 666 Fifth Ave., consisting of the Abercrombie & Fitch and Tissot stores.

Two well-located Tempe retail properties have been sold for a total of $22.2 million. JLL represented the seller and procured the buyer, Capstone Advisors. JLL also helped finance the sale.

Built in 1998, the two properties total 38,896 square feet combined and consist of 100-percent-occupied high-street retail. Located on the northwest and southeast corners of Mill Avenue and 5th Street in the heart of the Mill Avenue Corridor, these iconic properties benefit from the over 70,000 students attending the nearby main campus of Arizona State University, as well as the thousands of annual visitors drawn by live sporting and entertainment events taking place in downtown Tempe each year.   

The City of Tempe recently announced a $22 million streetscape improvement plan for Mill Avenue, and the buyers recognized this as an opportune time to acquire, renovate and elevate the visibility of the assets in the marketplace.