FOR IMMEDIATE RELEASE
90 Second Pizza coming to H Street Corridor as Feldman Ruel Urban Property Advisors facilitates the Sale of 420 H Street NE
Press Contacts: Ryan Smith, Associate Director, (202) 318-6808 | Adam Costanzo, Senior Investment Associate, (202) 318-6826, Josh Feldman, Managing Principal, (202) 318-6833 | Ian Ruel, Managing Principal, (202) 318-6844
Washington, D.C., January 5th, 2023– Feldman Ruel Urban Property Advisors, the leader in the sale of sub-institutional commercial investment properties in the D.C. metropolitan area, announces the sale of 420 H Street NE, a four-level, mixed-use property located on a corner at a signalized intersection along Washington, D.C.’s H Street Corridor. The property, which was delivered vacant, sold for $1,525,000 or $433.12 per square foot.
Ryan Smith, Josh Feldman, and Ian Ruel of Feldman Ruel had the exclusive listing to market the property on behalf of the seller, a private individual who had operated his family’s business on-site for decades. The buyer was procured by Adam Costanzo of Feldman Ruel, who was able to generate a very competitive, non-contingent offer closing 10 days from contract ratification. Despite the current state of uncertainty in the capital markets, Feldman Ruel’s strategic marketing plan for this asset resulted in multiple competitive offers which ultimately lead to the procurement of an all-cash, non-contingent offer in approximately three months. Prior to Feldman Ruel being retained to market the property for sale, it had been on the market for over three years with numerous other brokers.
The property was purchased by an LLC controlled by famed Washington, D.C. “Pizza Man” Joe (Giuseppe) Farruggio and local architect, Andrew Murray. 420 H Street NE is slated to be the fourth location for Mr. Farruggio’s fast-casual pizza concept, 90 Second Pizza. Mr. Farruggio is best known for his award-winning restaurant, Il Canale, which is in the heart of Georgetown and boasts numerous accolades including landing at #40 on Yelp’s “Top 100 US Restaurants 2022”. In 2018, with many successful restaurants on his resume, Mr. Farruggio debuted his first 90 Second Pizza in Georgetown at 1077 Wisconsin Avenue NW. 420 H Street NE was purchased to be the fourth 90 Second Pizza location with it second and third locations slated to open this year in Chinatown and 14th & U Streets respectively. Mr. Farruggio was attracted to this H Street location because of the hard corner, outdoor patio possibilities, and its walking distance to Union Station, Capitol Hill, and thousands of surrounding residential units.
About Feldman Ruel
Feldman Ruel Urban Property Advisors is a commercial real estate services firm focused primarily on sub-institutional investment sales and property management in the Washington, D.C. metropolitan area and is consistently recognized as a market leader in the industry. Feldman Ruel successfully completes dozens of transactions every year making it one of the top investment sales brokerage firms in the area. The experience and relationships resulting from hundreds of successful transactions allow the principals and agents of Feldman Ruel to provide its clients with the most accurate valuations, most effective multichannel marketing, and best advisory services available in its practice areas.
www.FeldmanRuel.com