Successful $34 Million Sale of the Bleecker Street Luxury Retail Portfolio
Bob Knakal successfully closed the $34 million sale of the Bleecker Street Luxury Retail Portfolio, a premier collection of six boutique retail buildings located at 367-369, 382-384, and 387 Bleecker Street in the heart of Manhattan’s West Village. This sale underscores the strength of Bleecker Street as a world-class luxury retail corridor and highlights the enduring investor demand for prime West Village assets.
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Sale Details of the Bleecker Street Luxury Retail Portfolio
The transaction was finalized on December 1, 2010, with the portfolio selling for $34,000,000—translating to an impressive $6,699 per square foot. American Realty Capital acquired the portfolio from institutional sellers Kevin Comer and Kimco, marking one of the most notable Manhattan retail trades of the period.
Key Sale Highlights:
- Sale Price: $34,000,000
- Price per SF: $6,699.51
- Buyer: American Realty Capital
- Seller: Kevin Comer, Kimco
- Seller Type: Institution
- Asset Class: Retail Condominium / Retail Portfolio
- Sale Date: December 1, 2010
Prime Property Details of the Bleecker Street Luxury Retail Portfolio
This exclusive portfolio consists of six low-rise retail buildings strategically positioned along Bleecker Street between West 11th Street and Perry Street. The properties provide 5,075 square feet of prime retail space with direct frontage on one of Manhattan’s most iconic shopping corridors.
Property Highlights:
- Addresses: 367-369, 382-384, and 387 Bleecker Street, New York, NY 10014
- Total Square Footage: 5,075 SF
- Stories: Multiple low-rise boutique retail buildings
- Asset Type: Retail Condominium / Retail Portfolio
- Frontage: Premium exposure along Bleecker Street
Market Strategy and Positioning Behind the Sale
At the time of the sale, Manhattan’s retail market was beginning to rebound from the 2008–2009 financial crisis. Luxury corridors such as Bleecker Street remained remarkably resilient, attracting global brands eager to establish flagship presences in the West Village. The limited supply of boutique retail spaces paired with international demand positioned this deal as a benchmark transaction in NYC retail investment.
Why the West Village and Bleecker Street are Top Retail Investment Destinations
The West Village is one of Manhattan’s most coveted neighborhoods, offering historic charm, cultural prestige, and some of the world’s most sought-after retail addresses. Bleecker Street has become an internationally recognized luxury corridor, home to flagship stores and global fashion icons. This rare combination of boutique character, strong foot traffic, and limited supply makes it a consistent investment favorite.
Neighborhood Highlights:
- Luxury Retail Corridor: Bleecker Street is lined with brands such as Marc Jacobs, Ralph Lauren, and Burberry.
- Historic Appeal: Located within the Greenwich Village Historic District, the West Village maintains its preserved 19th-century architecture and character.
- Cultural Draw: Home to world-famous music venues, cafes, and art galleries, the West Village attracts tourists, locals, and international shoppers.
- Transportation Access: Convenient connectivity to the 1, A, C, E, B, D, F, and M subway lines.
Conclusion: Benchmark West Village Retail Sale
The $34 million sale of the Bleecker Street Luxury Retail Portfolio highlights Bob Knakal’s unmatched ability to deliver results in complex, high-profile transactions. By leveraging market expertise, a deep understanding of investor demand, and strategic positioning, Knakal secured an optimal outcome for the institutional seller while cementing this trade as a benchmark in Manhattan’s retail investment history.
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Frequently Asked Questions About the Bleecker Street Luxury Retail Portfolio Sale
What exactly is the Bleecker Street Luxury Retail Portfolio?
The portfolio consists of six boutique retail condominium buildings totaling 5,075 square feet, located at 367-369, 382-384, and 387 Bleecker Street in Manhattan’s West Village. The properties are low-rise, high-exposure assets in one of NYC’s most prestigious shopping corridors.
When did the sale occur and what was the final price?
The sale closed on December 1, 2010, at a total price of $34,000,000, equating to $6,699 per square foot—a significant benchmark for the Manhattan retail market at the time.
Who were the buyer and seller in this transaction?
The buyer was American Realty Capital, a real estate investment firm. The sellers were Kevin Comer and Kimco, an established institutional real estate entity.
Why is Bleecker Street considered one of Manhattan’s top luxury retail corridors?
Bleecker Street offers a rare mix of boutique charm and global prestige. It attracts world-class fashion brands, benefits from heavy pedestrian traffic, and is located in the heart of the West Village—an area combining historic character with international appeal.
How does the West Village strengthen the value of retail investments?
The West Village is known for its preserved architecture, cobblestone streets, and vibrant cultural scene. It consistently attracts affluent residents, global tourists, and international retailers, making it one of the most resilient and sought-after investment markets in New York City.
What made this particular sale significant for the Manhattan retail market?
This deal was completed during the post-2008 recovery period, signaling renewed confidence in Manhattan’s retail sector. The high price per square foot validated the strength of luxury corridors like Bleecker Street and set a benchmark for subsequent retail trades in the city.
What investment strategy did Bob Knakal use to achieve this result?
By emphasizing the scarcity of boutique retail space on Bleecker Street, highlighting global brand demand, and strategically marketing the portfolio’s prime location, Bob Knakal positioned the assets as a once-in-a-generation opportunity, driving competitive bidding and optimal pricing.
