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NGKF brings stand-out space on Greenwich Ave. to market.

One of the most coveted and successful storefronts on tony Greenwich Avenue in Greenwich, CT, has come available for the first time in nearly two decades.

Retail experts with Newmark Grubb Knight Frank have been given the exclusive assignment for 239 Greenwich Avenue by owners Acadia Realty Trust and Aberdeen Properties Inc.

Former tenant, Restoration Hardware, moved to a larger outpost down the street in the former home of the Greenwich Post Office.

The space was home to RH for 16 years and, before that, D. W. Rogers Department Store for nearly a quarter-century.

239 Greenwich Avenue is located on what is considered the most desirable intersection of Greenwich's upscale shopping destination, and counts such high-end fashion brands Hermes, Ralph Lauren, Tory Burch, Kate Spade, Michael Kors, Calypso, Tiffany, Longchamp and Saks Fifth Avenue as neighbors.

"The property is, in a word, stunning," said Jessica Curtis, a senior managing director in NGKF's Greenwich, Conn., office.

"Retailers seeking opportunities on the Avenue have always been drawn to its dramatic corner presence, extensive window line and classic architecture. It is tremendously exciting to have the opportunity to bring in the next new tenant to this premier location.

"The fact that Restoration Hardware nearly doubled its size in the market after 16 years at this building speaks to the strength of the property's location and the Greenwich retail market as a whole."

Curtis, Stephen Banker, executive managing director; James Ritman, executive vice president and managing director; and Christopher Cortese, director, are marketing the space, which comprises 6,093 s/f at street level, plus 6,200 s/f on a lower level. The owners also have an adjacent ground-floor space next door that can be combined for a total availability of 16,838 s/f.

"This is the 50-yard line of the Avenue, in the same block as Ralph Lauren and Hermes," said Christopher Conlon, executive vice president and chief operating officer at Acadia Realty Trust.

"239 Greenwich Avenue has been a successful site for two significant retailers spanning the past 40 years. It's a stately building that offers space that simply doesn't exist anywhere else on Greenwich Avenue."

Acadia Realty Trust partnered with Aberdeen Properties, Inc. in the purchase of the property in 1998, and they have earmarked it as a long-term hold.

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Comment:NGKF brings stand-out space on Greenwich Ave. to market.
Publication:Real Estate Weekly
Geographic Code:4EUUK
Date:Jul 30, 2014
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