Lincoln Road Property Values In Record-Breaking Surge
Two separate retail spaces on Lincoln have sold for nearly $5,000 per square foot, breaking records. Property value on Lincoln Road could now be nearly double what it was just 18 months ago.
In the first transaction, 818 Lincoln Investments of Montreal bought the building housing Romero Britto’s gallery for $34.5 million. Danny Lavy is the manger of the buying company, while Alan Levine manages the selling company. At 8,375 square feet, it equates to a sales price of $4,119 per square foot. TRD was first to report the sale.
The second sale last week was the American Apparel building at 716-720 Lincoln Road. JSRE Acquisitions paid $34.5 million for the 6,943-square-foot building, valuing it at $4,969 per square foot.
The record breaking price per square foot of last week’s sale is seventeen times the $295 per square foot price of 1998 (which was a record for Lincoln Road at the time) and nearly double the $2,600 per square foot price of late 2012 (also said to be a record at the time).