Nuveen Real Estate and Union Investment sold a renovated retail condo at 636 Sixth Avenue in the Flatiron District, totaling 18,000 square feet, to an investor, reportedly the Hotel and Gaming Trades Council. The deal, completed alongside the purchase of a 70,000-square-foot office condo from Clarion Partners, is valued at over $70 million. Nuveen had acquired the retail space for $42 million in 2014 and renovated it after CVS vacated in 2022. Despite challenges in the commercial real estate market, retail rents in Manhattan continue to rise, with a 9.7% increase in the Flatiron District to $376 per square foot.
Nuveen Real Estate
