NEW YORK CITY—It's pretty rare to see a building marketed in several different ways. Yet, that's how RFR Holding is handling the agency for 281 Park Ave. South, a six-story, 45,000 square foot landmark building it has acquired, as was previously reported. The building was purchased by RFR in a joint venture with Real Estate Capital Partners for $50 million.
Formerly known as the Church Mission House, the building itself is unusual and therefore suited to an unconventional approach, RFR's Oliver Katcher, EVP of leasing, tells GlobeSt.com.
“The building is unique in terms of its façade and design; combined with the location, it's an interesting opportunity,” he says. “It's a special property for a special tenant. It's a darling location for people in creative fields such as technology, advertising, fashion and media.”
RFR plans to approach—or hear from—“institutions and non-profits that are looking for the prestige of full building identity and control,” says RFR co-founder and principal Aby Rosen.
In addition, RFR reports, the building's ground and second floors could be leased to a single tenant as retail showroom space, with the firm's corporate headquarters on the floors above or the retail and office space could be taken by two different tenants. Additionally, there is the possibility to net lease the entire building to one tenant.
Floor plates in the building are roughly 6,700 square feet, which in combination with its corner location and ceiling heights of up to 20 feet, are said to offer a great deal of flexibility in layout and design..
As a result, says Katcher, “We're trying to distinguish between someone looking for a whole building versus tenants who are seeking a unique space who would want to lease it.” He is handling the marketing assignment along with AJ Camhi, VP of leasing.
“The retail is partly on the ground floor and on the entire second floor, according to Katcher. There are 80 feet of Park Ave. South frontage and the entire retail space is 3,353 square feet. Also, there are 20-foot ceilings on the second floor.”
Efforts to promote the building and find users will start once an upgrade of the building is complete. No timeline has been set yet for the renovations.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
