On the Market

SoHo Retail Condominum at 350 West Broadway Could Rake in $30M

Jones Lang LaSalle has been retained as the exclusive leasing agent for the marketing and sale of the 11,115-square-foot retail condominium on the first two floors of a luxury residential building at 350 West Broadway in SoHo, The Commercial Observer has learned.

The two-story jewel box retail store is located in one of SoHo’s prime retail centers, between Grand and Broome Streets, with 80 feet of frontage along West Broadway.  The space also features an exclusive, 1,500-square-foot terrace area.

350 West Broadway

350 West Broadway

JLL Vice Chairman Richard Baxter is marketing the space along with a team that includes Yoron Cohen, Yoav Oelsner, Jason Gold and Ryan Solomon.

“This is a very unique space because it’s a two-level glass jewel box, which is very unique for the area – it will command a premium because of that,” Mr. Gold said, adding that the JLL team anticipates a sale price between $26 and $30 million.

The space is currently leased as a short-term pop-up to Nordstrom, Inc., which opened its Treasure & Bond store at the location in August of 2011.

At the time it was considered an experiment for the upscale apparel retailer, given the space was roughly a tenth the size of a typical Nordstrom department store and the company committed to donating all profits to charity.

Nordstrom’s lease runs through August 2013, at which point they have an option for an 8-year renewal at fair market value.

The building was developed by Aby Rosen’s RFR Realty, but a separate foreign investor owns the retail space.  Mr. Gold was unable to disclose the name of the private investor.

The 36,300–square-foot building, designed by Moed De Armas & Shannon Architects, is LEED-Certified and features an exterior glass and champagne aluminum curtain wall.

Above the retail are six upper, full-floor, residential lofts and a top-floor, 6,000-square-foot penthouse, currently listed for $20.65 million.

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