W & M pursuing retail condo market.

One of the factors that make New York City's real estate market unlike any other is the presence of retail condominiums, the store portions of certain condo and co-op buildings.

Some years ago, W&M Properties began selectively acquiring retail condos.

As strong believers in the future of urban retailing, we're interested in adding to that portfolio, not only in Manhattan but in the outer boroughs and elsewhere in the metropolitan area. Our criteria are very specific, however: in retail, we're looking only at 24-hour high-density residential neighborhoods with high-volume pedestrian traffic and, preferably, nearby entertainment outlets.

As for the existing portfolio, with the exception of an 1,184-SF store space available on East 14th Street, across from an NYU dormitory, it is entirely leased and thriving. A 1,310-SF store on Avenue of the Americas at West 55th Street, diagonally across from the New York Hilton, will come on the market in January.

Generally speaking, the retail space market in Manhattan is holding up well, as national chains continue to compete vigorously for top locations in urban markets throughout the country. And retail condos continue to be an important element of the urban retail sector.