Brooklyn Comes to Manhattan
The two-years vacant corner space at Sixth Avenue and Waverly Place in Greenwich Village, occupied by Duane Reade until April 2017, is getting a new tenant. I noticed that the “For Lease” sign was gone. Now, we know why.
Via Commerical Observer:
The owners of four Brooklyn supermarkets, which each carry different names, are opening Greenwich Gourmet Market at Friedland Properties’ 378 Avenue of the Americas, between Waverly Place and West Eighth Street.
The owners signed a 21-year lease at the one-story retail building, which spans 6,400 square feet on the ground floor, and is home to a Starbucks Coffee. The new market will occupy 4,000 square feet on the ground floor of the corner location and 4,200 square feet on the lower level.
Mark Kapnick and Michael Watson of Lee & Associates represented the tenant, who also owns the Tashkent Supermarket in Brighton Beach, and Brett Weinblatt of Compass represented the landlord.
The Sixth Avenue Building Was Built in 1942
The article states that the space was vacant for three years. Although it feels like forever, I believe it was two. It might have gone on the market in 2016? This is the listing. The building, built in 1942, is around the corner from Washington Square Park.
Kapnick notes that rents on Sixth Avenue have “taken a bit of a hit … over the last eight years. … Rents that were in the $200 to $250 foot range are half that today.”
The landlord’s representative seems to disagree but then Friedland Properties owns much of the real estate around there. It is in their best interest to paint a rosy picture. The asking price rent was $200 a square foot; the article indicates, but doesn’t specify, that Greenwich Gourmet Market is paying much less.
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Previously at Washington Square Park Blog:
Top photo: Cathryn
Bottom: Lee & Associates