New York, NY, March 27, 2014 – Infinity Real Estate LLC, a wholly owned business unit of the Infinity Group, in partnership with The Xerxes Group, announced today the purchase of 49 East 21st Street, a 5,000 square foot mid-block retail space located in Manhattan’s coveted Flatiron District neighborhood. Located between Broadway and Park Avenue, 49 East 21st Street is the most recent addition to Infinity’s growing collection of prime retail properties in urban U.S. markets.
49 East 21st Street is currently occupied by Dal-Tile, the Dallas based manufacturer and distributor of ceramic tile. Dal-Tile was established in 1947 and acquired by Mohawk Industries in 2002; Mohawk is listed on the New York Stock Exchange and has an estimated market value of $10 billion. The property has been Dal-Tile’s flagship showroom and retail space in New York City since 2005. The central location provides easy access to institutional consumers and small contractors alike that drive Dal-Tile’s business. Having a footprint in the heart of New York City reinforces the international image of the company’s brand and widens its market appeal to a new breed of consumer.
“The acquisition of 49 East 21st Street is a tremendous addition to our growing urban retail portfolio in New York City and throughout major U.S. metros” commented Steven J. Kassin, Infinity Real Estate’s managing partner. “By investing in retail properties that attract credit-worthy tenants, servicing a captivated consumer base, we are able to benefit from stable cash flows and the ability to tap into a highly competitive market segment from a leasing standpoint”. This investment is consistent with Infinity’s track record of acquiring unique retail opportunities in some of the best commercial neighborhoods in New York City.