Retail block set to tempt investors.

In a unique Midtown retail investment opportunity located at West 57th Street, the leasehold interest in the entire block of street level shops extending from Duane Reed on the Southwest Corner of West 57th Street and Sixth Avenue, southward to Jamba Juice at the Northwest corner of Sixth, is on the market for sale at an asking price of $35 million.

Eastern Consolidated's senior managing directors, Ronald A. Solarz and Eric M. Anton, and financial analyst, Zachary Bennett, are currently in the market with the 28,142 s/f parade of retail stores, acting on behalf of the seller, Carnegie Retail LLC, the tenant in common (TIC) with Carnegie House, which owns and operates the building's residential component above the shops, as well as 75 percent of the ground lease on the subterranean parking garage.

"The leasehold interest in this block of seven shops lining the West Side of Sixth Avenue provides a steady return and requires very little on-site maintenance or management," noted Mr. Anton, "thereby representing an ideal 1031 Exchange play for the right purchaser."

He added that as per the Tenancy in Common agreement, real estate taxes are reduced by an abatement amounting to $400,000.

The term on the leasehold interest in the block of shops, which is offered in three 21-year renewal periods, is 63 years.

"We're very excited about this unique offering and feel confident it will trade quickly to an investor desiring a long-term hold on a site with a foothold on West 57th Street at Sixth Avenue, arguably one of the City's best retail thoroughfares," said Mr. Solarz.