Locally based Eastern Consolidated has been hired to market the property, which consists of a 6,886-sf ground floor store with a 5,375-sf basement situated at 1235 Lexington Ave. Executive managing directors Eric Anton and Ronald Solarz, senior director David Schechtman, with senior financial analyst Paul Nigido and financial analyst Benjamin Fishkind are marketing the retail co-op.
Solarz tells GlobeSt.com that Extell is selling simply "to make a profit," adding that the store has already generated "a lot of interest." He further notes that interest has come from investors and 1031 exchange buyers who are attracted to the "prime location," the quality tenant, and the long-term lease.
Duane Reade is on a 20-year lease at the building also known as 144 E. 84th St., with 12% rent increases every five years. The retail co-op is situated on the ground floor of a 14-story luxury high-rise residential building. Solarz explains that the space was previously occupied by Lucida's sales office, Extell's building going up between 85th and 86th Street. No bid deadline has been set as of yet.
"The new owner would be acquiring ownership of 5,107 shares of the ground floor space, out of a total of 39,575 shares in the building," adds Anton, who said that equates to 12.9% of the shares. "This opportunity would provide the buyer with secure cash flow for the long-term. Duane Reade is a stellar credit-worthy tenant, operating over twice as many stores as its next largest competitor in Manhattan."
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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.
