"[The rent on the new lease], is substantially higher than the average retail rent for this area, which suggests that demand for space surrounding Union Square Park is still growing," said Fred C. Posniak, VP of W&M Properties, the managing and leasing agent for the property. He added that the proximity of New York University along with growing foot traffic from the nearby subway station, the third largest in the city, contributed to increase in retail rents.
Located on East 14th St. and Park Ave., the new store joins nine other shops in the 58,000 sf of retail space on the ground floor of Zeckendorf Towers, a condominium and office complex. The store is set to debut this spring.
Eletronics Boutique was represented by Insignia/ESG's Peter Hancock in the transaction.
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