Deal Confirms Continued Demand for Retail in Downtown Manhattan
NEW YORK – RKF, North America’s leading independent real estate firm specializing in retail leasing, investment sales and consulting services, announced today that it has arranged the $10 million sale of a 1,400-square-foot retail cooperative at 682 Broadway in the NoHo historic district.
RKF Vice President Brian Segall and Vice Chairman Ariel Schuster represented the owner, Manhattan-based Premier Equities, while Marshall Real Estate’s Matthew Marshall represented the buyer, Ascot Properties LLC, in the sale that closed on December 5, 2016.
Situated on the southeast corner of Great Jones Street and Broadway in NoHo, the building, in the neo-classical style, is in close proximity to NYU and benefits from a high volume of pedestrian traffic—in a market that’s growing and boasts opportunities to live, work and play all in the same neighborhood. The highly desirable corner retail space includes 1,400 square feet on the ground floor, 400 square feet in the basement and 50 feet of frontage. The space is currently leased long term to GNC Holdings Inc. (NYSE: GNC), a leading global specialty retailer of health and wellness products.
“This is one of NoHo’s busiest corners, just steps away from iconic thoroughfares Bond Street, Washington Square Park and SoHo,” said Segall. “This sale shows the strength and continued demand for income-producing retail in downtown Manhattan.”
In the past few months, RKF has arranged numerous investment sales in Manhattan, including a 2,354-square-foot retail condominium at 42 Hudson Street in Tribeca, the $4.85 million sale of a 2,800-square-foot building at 28 East 13th Street in Union Square, and the $2.2 million sale of a 4,535-square-foot retail condo at 1810 Third Avenue on the Upper East Side.
Among other opportunities, RKF is currently marketing the sale of an 8,439-square-foot retail condominium at 347 Bowery and an 8,752-square-foot new-construction retail condominium at 882 Fulton Street in Brooklyn.
The leading independent real estate firm in North America specializing in retail leasing, investment sales and consulting services, RKF serves a broad spectrum of domestic and global clients in services ranging from national tenant and owner representation to advisory, consulting and dispositions. With approximately $30 billion in aggregate real estate transactions to its credit, RKF has been responsible for identifying scores of real estate opportunities throughout the United States for leading American and international chains, retailers, developers and institutional clients. RKF is headquartered in New York with offices in Chicago, Las Vegas, Los Angeles, Miami, Northern New Jersey, San Francisco and Toronto. RKF operates in Canada as RKF Group Canada Realty, a retail brokerage.
RKF’s New York City office is located at 521 Fifth Avenue, Floor 7, New York, NY 10175. T: 212.599.3700. www.rkf.com