NEW YORK--(BUSINESS WIRE)--Trevi Retail, a privately held real-estate operating company, has just completed its purchase of 859 Ninth Avenue. The property is located in Manhattan at the southwest corner of 56th Street and Ninth Avenue in the Hell’s Kitchen neighborhood.
“Additionally, Massey Knakal and the seller were both a pleasure to deal with in this transaction.”
The property is a six-story mixed-use building containing one large commercial unit and 41 apartments. The commercial unit is currently occupied by Puttenesca, an Italian restaurant.
The deal was brokered by Paul Smadbeck and Christoffer Broadhead of Massey Knakal.
“We received a tremendous response from the market for 859-861 Ninth Avenue, but the folks at Trevi Retail recognized quite clearly the true long-term value of this prime retail corner and the substantial future upside of the residential component as well,” Smadbeck said.
“This property has a lot of long-term potential. This is a building that we are proud to own,” said Johnny McCarthy, Trevi Retail’s chief investment officer. “Additionally, Massey Knakal and the seller were both a pleasure to deal with in this transaction.”
Trevi Retail has acquired 18 properties in Manhattan since the firm’s founding in October 2011, and the firm is currently in contract to close on another property in September. The full portfolio of Trevi Retail properties is available at www.treviretail.com/portfolio.
About Trevi Retail
Trevi Retail is a privately held real-estate operating company that focuses on investment in Manhattan retail properties. Since its inception in October 2011, Trevi Retail has acquired 18 properties throughout Manhattan. The well-capitalized firm has earned a reputation for closing deals quickly and efficiently and is actively pursuing acquisition opportunities for retail condominium and mixed-use properties throughout Manhattan. For more information, visit www.treviretail.com.