Bank branch consolidation creates coveted Union Square space.

An unusual retail space with access from two busy streets and a direct entrance into a 300,000 s/f medical facility will soon be available in one of Manhattan's hottest retailing neighborhoods as a result of the current bank consolidation trend.

The 4,781 s/f space is part of W&M Properties' 58,000 s/f retail condominium, which occupies the entire ground floor of Zeckendorf Towers at 10 Union Square East. The space will be available for occupancy October 1, 2008.

"This is such a coveted 24/7 retailing area that we haven't had an availability in more than four years," said Fred C. Posniak, senior vice president of W&M Properties.

"And the space that's available is of a configuration rarely seen on the market. It offers special advantages to all types of retailers, especially those looking for a highly visible location directly on Union Square."

Its main appeal, said Posniak, is that it affords visibility and access from both Park Avenue South and East 15th Street, with heavy pedestrian traffic on both, and is just steps away from multiple entrances to the Union Square subway station, the fourth busiest station in the city's transit system, with more than 104,000 daily riders using its three entrances.

The W&M executive also noted that the space offers direct access to the Beth Israel Medical Center offices that occupy more than 300,000 square feet at the base of Zeckendorf Towers, a large residential condo.

A partnership led by Peter L. Malkin and Anthony E. Malkin acquired the retail property at 10 Union Square East 11 years ago as the Union Square neighborhood was undergoing a rejuvenation. One of the first new tenants it signed was Starbucks, which has been at the location ever since. Tenants that followed include Best Buy, Food Emporium, Federal Express, Au Bon Pain, Game Stop, GNC, and UPS.

"As we had envisioned, the area has become a 24/7 location, drawing people from all over Manhattan because of its diverse retail and entertainment attractions," said Posniak.

"Centered at Park Avenue South and East 14th Street, 10 Union Square East is one of the most advantageous addresses. The multiplex theater and NYU dorms across the street, the nearly 700 apartments directly above our retail condo, and the acclaimed restaurants of Union Square are factors that help make this both a retail destination neighborhood and a strong residential community."