Eastern Consolidated executive directors Eric Anton and Ronald Solarz with analyst Jared Toothman are marketing the six-story, 28,634-sf property. According to Eastern Consolidated, the building is ideal for small office tenants seeking a full-floor identity in close proximity to public transportation.
Anton notes that the office space offers tremendous near-term upside when leases on all five floors expire in Dec. 2010. "The average office rent is $31.95 per sf, half the rent avenue buildings in the immediate vicinity are achieving."
The retail component affords similar upside, with the Subway and Vitamin Gallery spaces expiring within four months of the office leases. The two spaces average $232 per sf, well below market rate. The owner recently executed leases at $338 and $350 per sf for the two spaces adjacent to Vitamin Gallery.
According to Solarz, another advantage is that there are 12,420 sf or four full floors of unused air rights on the property. "Four full floors could be built on top of the existing structure or a developer could construct a completely new building totaling 31,050 sf," he says. The owner structured all leases to expire or to be eligible for termination by the first quarter of 2013.
Built in 1928 and currently 100% occupied, 1369 Broadway's location is within walking distance of 14 subway lines, the Long Island Railroad, New Jersey Transit, Amtrak, PATH and the Port Authority Bus Terminal.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, 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.
