Greenwich Village Retail Condo has Hit the Market

Tuesday, January 17, 2017

Update:  HFF announced the closing of this sale on July 26, 2017. For a listing of current commercial real estate investment opportunities, please click here to be redirected to our Property search page.

Holliday Fenoglio Fowler, L.P. (“HFF”), on behalf of the owner, is marketing for sale 808 Broadway, a 29,147-square-foot, fully-leased retail condominium located in New York City’s Greenwich Village. The property is positioned between 11th and 12th Streets with substantial frontage on Broadway and 4th Avenue.

808 Broadway is a three-level retail property for sale that is triple net leased to a subsidiary of Rubies Costume Company, Inc., one of the largest costume manufacturers and distributors in the world. This location serves a strategic purpose as a flagship and demonstration store minutes from its New York sales showroom at 1115 Broadway. As part of its triple net lease with the owner, the tenant is responsible for nearly all costs, and there are no real capital needs required by the current owner.

Retail Property for Sale Investment Highlights

  • One-of-a-Kind Asset:  808 Broadway is a rare opportunity to acquire a sizeable retail condo leased to a venerable New York City tenant with a block-through structure totaling 135’ of frontage on two prime retail corridors in Greenwich Village.
  • Stable Cash Flowing Property:  The property comes with a remaining lease term of seven years with annual rent increases to a long-standing tenant. The lease includes one additional five-year renewal option at fair market rental value.
  • Flourishing Union Square/Greenwich Village Market:  Anchored by Union Square to the north and the New York University community to the south, 808 Broadway is located in the midst of one of the most popular residential neighborhoods along with world-class retailers, hotels, restaurants, office buildings and more than 75,000 college students and faculty.
  • Exceptional Transportation Access:  808 Broadway is a couple of blocks south of the Union Square subway station, which welcomes more than 35,000 riders annually and is the fourth busiest New York City station. Additionally, the property is within walking distance to the highly-trafficked Astor Place station.

808 Broadway is a commercial property for sale with a popular Greenwich Village location. The retail condominium is a core, cash-flowing opportunity that provides upside due to below market in-place rents on two retail corridors that have recently achieved rents in excess of $200 per square foot. For more information on this property or other New York City commercial properties for sale, please contact Managing Director Rob Rizzi or Senior Managing Director Andrew Scandalios in HFF’s New York office.

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