NEW YORK CITY-Equity One Inc. announced yesterday that it is buying 161 W. 16th St., where discount retailer Loehmann’s currently resides. It’s a move that will, at 56,870 square feet, triple the Miami company’s Manhattan presence. Its other New York City space is a condo unit at 1175 Third Ave.--home to a Food Emporium store, according to the company’s website.
“This transaction is consistent with our strategy of acquiring irreplaceable urban retail locations with below market leases that allow for future growth,” Equity One CEO Jeff Olson says in a release. “We believe there is enormous potential for this site and are thrilled to add this property to our growing New York metropolitan portfolio.”
The company’s executive VP and CFO Mark Langer did not return calls from GlobeSt.com seeking further comment.
Loehmann’s lease at the spot expires in March 2016. The retailer emerged from Chapter 11 bankruptcy protection earlier this year, and currently has an interim CEO. Loehmann’s did not return a call from GlobeSt.com. Equity One, according to its website, focuses on locations that “are anchored by leading supermarkets, pharmacies and large retail stores.”
The purchase adds to Equity One’s portfolio of 201 properties--primarily shopping centers and other destinations that it deems "necessity based."
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