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40,000 s/f of 'super flex' space for sale, lease.

The sales and leasing team of Faith Hope Consolo, chairman, and JosephAquino, executive vice president of Prudential Douglas Elliman's Retail Group, has been chosen to market eight contiguous stores, for sale or lease, on a centrally-located Nolita block at 262 Mott Street.

With 120 feet of frontage, the ground level retail area totals approximately 10,000 s/f, along with 30,000 s/f of lower level Mini Storage Facility, which is 95% occupied. In total, the property has approximately 40,000 s/f of commercial space. The property is netting close to $1 million in cash-flow, after expenses, with possible advantages for multi-level retail.

Historically, Nolita has not had mid- to big box stores because large spaces are virtually non-existent, until now. A magnet for food and fashion, the immediate area is home to such trendy retail and restaurants as Cafe Gitane, Sigerson Morrison, Rebecca Taylor, Ralph Lauren's Double RL & Co. and Ciao Bella Gelato.

Renowned fashion boutique Bara Boux, which belongs to Her Royal Highness Princess Reema Bandar Al Sand, is just across the street. Other stylish destinations sharing the corridor include Only Hearts, Kathryn Amberleigh, Kelima K Bridal and New York Magazine's Critic's Pick Epistrophy Wine Bar & Cafe.

"This is a rare retail opportunity that offers several enticing options," said Consolo. "It is an exceptionally visible grouping, whether purchased or leased individually or combined, which makes this a highly desirable situation. Several month-to-month tenants along with two vacancies make this package extremely attractive."


Added Aquino, "Altogether, these spaces could easily accommodate a large restaurant or a multi level retailer. Individually, any of them would make a nicely proportioned fashion boutique. But whatever businesses we bring here will have that exclusive dynamic that fits into the area's super hip profile."
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Comment:40,000 s/f of 'super flex' space for sale, lease.
Publication:Real Estate Weekly
Date:Jul 28, 2010
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