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William B. May closes retail deals.

The William B. May Company reports the following early '93 retail leasing transactions: *700 square feet taken by the Ashione Art Gallery, at 269 West 4th Street, for a term of eight years with an initial annual rent of $31,200, and increases aggregating the total rent to $358,583. Landlord and tenant were represented by Larry Loftredo of the William B. May Company. *500 square feet taken by International Coffee Shop, at 131 Christopher Street, in the basement of an early Federal townhouse, for a term of 10 years, with an initial annual rent of $21,600, and increases aggregating the total rent to $250,180. Landlord and Tenant were represented by Larry Loftredo of the William B. May Company.

* 700 SF taken by Sensible Edibles, a wholesale and retail bakery, at 143 Perry Street, for a term of 10 years with an initial annual rent of $21,600, and increases aggregating the total rent to $250,180. The Tenant was represented by Larry Loftredo of the William B. May Company, and the landlord was represented by Village Dwellings.

* 500 square feet taken by Men's Bath Shoppe, a menswear retailer, at 131 Christopher Street, for a term of five years with an initial annual rent of $21,600, and increases aggregating the total rent to $121,813. Landlord and tenant were represented by Larry Loftredo of the William B. May Company.

* 800 square feet taken by Sculpture & Oddities, an architectural designer and decorator, at 47 Greenwich Avenue, for a term of three years, with an initial annual rent of $31,200, and increases aggregating the total rent to $100,613. Landlord and tenant were represented by Larry Loftredo of the William B. May Company.

* 400 square feet taken by Precious Stones, a jewelry retailer and wholesaler, at 301 West 11th Street, for a term of five years with an initial annual rent of $15,600, and increases aggregating the total rent to $87,939. Landlord and tenant were represented by Larry Loftredo of the William B. May Company.

Recently, however, a new food purveyor has entered the picture, bringing a heightened attention to healthfulness and price in its menu seleaion, and an acute awareness of appearance in its exterior and interior design.

This combination has proven attractive for an immense spectrum of clients, satisfying both the salaried office worker with a limited budget, and the well-compensated executive with limited time.

And for the building owner, the limited menu equals limited cooking, less elaborate cooking facilities, less grease, fewer exhaust problems.

As a result, even the most conservative landlords are now showcasing restaurants within their buildings. Indeed, some are even seeking this newly popular tenant to enhance their buildings' marketing appeal.

LaSalle Partners, Rockefeller Center, Equitable and other prestigious owners are among those whose buildings now include restaurants such as Dean & DeLuca, Au Bon Pain, Timothy's, Piatti Pronti, and Burke & Burke.

In light of the benefits to owner, restauranteur and tenant, this new pairing of food retailer and commercial office building is likely to become pervasive in major commercial districts throughout the city.
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Title Annotation:Commercial Sales & Leasing; reports retail leasing transactions in early part of 1993
Publication:Real Estate Weekly
Date:Mar 24, 1993
Words:513
Previous Article:Retail food tenants gain new respect.
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