Cozy retail corner hits market with options for conversion.

A west side retail opportunity hit the market last week. And the property could pave the way for new residential units.

The site of the cozy Latin American restaurant known as Costa del Sol, located at 742 Ninth Avenue (at 50th Street), is available for lease. The existing two-floor structure offers 5,000 s/f retail space, with 2,500 s/f space at ground level and 2,500 s/f in the basement.

"The landlord's immediate plan is to rent the space as is," said David Latman, of DLL Real Estate. Latman is the exclusive agent for the landlord, who wished to remain anonymous.

But Latman also recognized a residential opportunity there. The air rights with the property covers up to six stories, providing a potential 10,000 s/f increase in space. The mixed-zone site could be prime for condominiums.

And with 125 feet of wrap around frontage, the property offers a unique branding opportunity for retailers, especially with new activity projected once the Hudson Yards project is complete. "There's a tremendous amount of development throughout the city and midtown west is already very active," Latman said.

Thus far, Latman has received inquiries from restaurants and financial institutions. The property is available next month and terms are negotiable.