Luxury Retail Assets in Boston Command $114M

ASG Equities has sold two unique luxury retail properties on Boston’s Newbury Street to a joint venture between Acadia Realty Trust and Osiris Ventures for $113.5 million. Newmark arranged the deal.

4-6 Newbury St. is home to the only flagship Chanel boutique in Boston and totals 10,328 square feet across a two-story retail condominium. 28 Newbury St. is home to the only Cartier boutique in New England; it totals 18,942 square feet across the whole of the four-story building.

ASG Equities is the New York–based family office of the Gindi family.

A Newmark team led by Co-Head of U.S. Capital Markets Robert Griffin, along with Vice Chairman Geoffrey Millerd and Director Paul Penman, represented the seller and procured the buyer.

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In a prepared statement, Penman called the custom-designed flagship retail properties “the epitome of ultra-luxury High Street retail.”

Newmark Executive Vice Chairman and Head of International Capital Markets Alex Foshay and Associate Victoria Radman provided additional support for the transaction. Newmark Senior Financial Analyst Casey O’Brien and Financial Analyst Christian Reenstierna provided financial analysis support for the transaction.

Still exclusive territory

In a January forecast, CBRE predicted that ongoing high demand and limited supply will keep retail vacancy low in downtown Boston, where it was only 3 percent. In addition, luxury and boutique brands were expected to expand their footprints downtown, underscoring broader retail industry trends.

Last August, ASG Equities sold the site of a former Century 21 department store in Brooklyn to a joint venture between MCB Real Estate and Osiris Ventures for $47.5 million. JLL represented the seller.

Of interest, the Gindi family had founded the off-price luxury fashion chain in 1961.

Precisely what the buyers received was a 14-lot assemblage at 458 86th St. in Bay Ridge, where they intend to invest $100 million in the property’s redevelopment into Century Marketplace, a 95,000-square-foot, grocery-anchored store, along with other improvements.