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Grubb & Ellis marketing Columbus Circle office/retail property.

940 Eighth Ave., a four-story office/retail property located near Columbus Circle, is currently being marketed for sale by Grubb & Ellis investment specialists, Vin Carrega and Neil Helman, and independent broker, Ephraim Hirsch. Located on the easterly side of Eighth Avenue between West 55th and 56th Streets, 940 Eighth Ave. is strategically positioned in a rapidly evolving, growth district of Midtown Manhattan.

Over the past few years, this area has seen a steady transformation from low rise commercial and residential properties to high rise corporate headquarters and luxury residential developments.

The world-renown Time Warner Center, home of its namesake company, as well as Jazz at Lincoln Center, numerous high end retailers such as Hugo Boss and A/X Armani Exchange, the Mandarin Oriental New York Hotel, several top-tier restaurants and the highest-grossing Whole Foods supermarket in the world, are just three blocks away.

Times Square and the Theater District are within a short walk, as are Central Park and Fifth Avenue's primary shopping district.

940 Eighth Ave. comprises approximately 19,000 s/f of rentable space plus basement. The top three floors each offer 5,000 rsft, while the ground floor retail measures approximately 4,000 rsf..

The entire street level can be made available within a short time of possession, and is perfect for a retailer looking to take advantage of the street traffic generated by nearby Lincoln Center, the Time Warner Center, Times Square and several new residential developments to the west and south.

A 400,000 s/f hotel planned for the former Hearst site less than a block away will also feed the traffic volume around the property.

According to Helman, the availability of 940 Eighth Ave. is an "opportunity to acquire an asset that provides both a stable income from the office component and the ability to reposition the ground floor by retaining one or two retailers interested in high volume foot traffic in an extremely solid, improving neighborhood."
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Publication:Real Estate Weekly
Geographic Code:1USA
Date:Jun 28, 2006
Words:324
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