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Soho retail flagship for sale.

Eastern Consolidated's newest investment sales team is marketing the Soho flagship of retailer BLK Denim for sale.

Senior director Adelaide Polsinelli and associate director Robert Khodadadian say the bi-level asset at 237-239 Lafayette Street is "an amazing opportunity" for investors.


"Acquiring the retail component of 237-239 Lafayette, a stately, well-managed co-op, represents an amazing opportunity to invest in a fabulous Downtown location," said Polsinelli who added that BLK's flagship occupancy comes with a corporate guarantee.

"The buyer automatically gets a seat on the co-op board and a further perk is that there is no stipulated flip tax."

The retail co-op, comprised of 3,877 s/f above grade and 2,100 below is priced at $9.2 million.

BLK Denim, owned by Sun Capital, will remain in the space with 3% annual rental increases until June 2016 and than may opt to renew for another five years.

"We expect this offering to generate tremendous investor interest first and foremost because its location is A+," said Khadaddadian, "and secondly because of the long-term occupancy of BLK, created and led by Swedish designer Johan Lindeberg.

"It doesn't get much better than Lafayette Street between Spring and Prince Streets, a thoroughfare which attracts, as does the rest of SoHo, young, hip, pedestrian traffic, especially on weekends, in addition to droves of students from New York University."
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Publication:Real Estate Weekly
Date:May 30, 2012
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