Stockbridge Capital Group pays $46.1M to Nuveen for retail in Yorkville

San Francisco-based Stockbridge Capital Group through the entity SCG 1511 Third Avenue, LLC paid $46.1 million to Nuveen through the entity CPF 1511 Third Avenue LLC for the landmarked retail building (K2) at 1511 Third Avenue in Yorkville, Manhattan.
The deal closed on June 11, 2026 and was recorded on June 24, 2026. The property has 39,004 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,182.
The seller bought the property on December 21, 2012, for $60 million. The signatory for Nuveen was James Farrar . The signatory for Stockbridge Capital Group was Scott Rosen . The contract date was May 6, 2026.

The city designated the property a landmark in 2012. The air rights were sold for the Related Companies development of the Brompton at 205 East 85th Street, next door.

The sale was brokered by CBRE’s Doug Middleton, Daniel Kaplan and Jack Stillwagon.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Stockbridge Capital Group purchased one property in one transaction for a total of $62.6 million and has no record it sold any properties over the past 24 months.
The seller Nuveen had not purchased any other properties and had not sold any properties over the same time period. The 39,004-square-foot property generated revenue of $4.5 million or $115 per square foot, according to the most recent income and expense figures.

The property

The retail building in Yorkville has 39,004 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 76 feet and is 125 feet deep with a total lot size of 10,270 square feet. The lot is irregular. The zoning is C2-8A which allows for up to 2 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $33.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation and $6,750 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Yorkville, The majority, or 61 percent of the 26.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Yorkville has 1.3 times the average sales volume among other neighborhoods with $474.7 million in sales volume in the last two years and is the 26th highest in Manhattan. For development, Yorkville has 1.5 times the average amount of major developments relative to other neighborhoods and is the 19th highest in Manhattan. It had 2.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 13 commercial properties representing 629,832 square feet of the 651,096 square feet. The largest owner is Rose Associates , followed by Nuveen Real Estate and then Csc Real Estate.
There are no active new building construction projects on this tax block.

The majority, or 68 percent of the 651,096 square feet of built space are elevator buildings, with office buildings next occupying 11 percent of the space.

The seller

The PincusCo database currently indicates that Nuveen owned at least three commercial properties in New York City with 107,854 square feet and a PincusCo-determined asset value of $118 million. Within the portfolio, the bulk, or 75 percent of the 107,854 square feet of built space are office properties, with condo properties next occupying 18 percent of the space.

The buyer

The PincusCo database currently indicates that Stockbridge Capital Group owned at least five commercial properties with 456 residential units in New York City with 448,162 square feet and a PincusCo-determined asset value of $334.2 million. The portfolio has $73.4 million in debt, borrowed from Wells Fargo . Within the portfolio, all identified are elevator properties. The bulk, or 52 percent of the built space, is in Manhattan, with Brooklyn next at 47 percent of the space.

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