"Retail in this area remains hot and there are few retail spaces of this size and scale directly on Broadway," says agent Edan Cohen of Itzhaki Properties, who along with Erez Itzhaki, president of the company, is representing the seller.
Cohen tells GlobeSt.com that leasing retail space at this location is "an incredible opportunity for a retail brand to mount a presence not only in the Village, but also remain close to the signature stores of Soho." Cohen further explains that there have already been interested buyers in the four-level space, which is within short walking distance of the New York University campus and close to many major Soho retailers such as Best Buy, Bath and Body Works, Duane Reade, Urban Outfitters, Starbuck's, French Connection, Aldo, American Apparel and Crate & Barrel.
The 686 Broadway property contains 5,000 sf on each floor and 22-foot ceilings on the ground floor, with all floors retail-ready "making it perfect for a retail flagship," Cohen says. Cohen would not provide information regarding the seller or reasons for selling at this time.
Cohen says that he has seen numbers for retail in this area within the mid-$250 range on Broadway above Houston. Another source notes that asking rates near Broadway and West 4th Street are around $225 per sf on the ground floor at this time. "There is a significant difference between the asking rents for retail space a few blocks down in SoHo--on Broadway below Houston--which I've seen within the $300 to $400 per sf range," Cohen tells GlobeSt.com.
Cohen explains that there has been a lot of recent activity in the nearby vicinity. Nearby, at 600 Broadway, the 65,000-sf building on Broadway and Houston, Abercrombie & Fitch's teen line Hollister Co. is scheduled to open their first multi-level flagship store at the space Pottery Barn is currently occupied in, Cohen notes, which should be open in Spring 2009.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
