Daffy’s Leaseholds to be Sold
JEMB Realty Corp. and Aurora Capital Associates have joined forces to market and sell off the 15 leaseholds belonging to Daffy’s, the now-defunct discount retailer, it was announced Wednesday.
The new duo will handle a portfolio that has several attractive retail locations in its stead, including a 18,000 square foot Financial District space at 50 Broadway and a 30,000 square foot space at 462 Broadway.
“Daffy’s leaseholds represent a unique and compelling opportunity for retailers to acquire space at superior locations that rarely become available,” said Jared Epstein, a vice president of Aurora, in a prepared statement.
JEMB Realty paid $43 million for Daffy’s leasehold interests (along with “certain” real estate fixtures) in August. Daffy’s filed for Chapter 11 bankruptcy protection in Southern District of New York court after the retailer reported liabilities worth upwards of $70.5 million. It also owed money to 5,000 creditors, including Nautica and Steve Madden Ltd.
JEMB Realty Corp. CEO Morris Bailey pledged in August that he would “provide payment in full to all of Daffy’s creditors.”
The JEMB-Aurora team boast that Daffy’s portfolio offers “stellar” locations in Brooklyn, Queens and the Bronx: a 19,000 square foot space at Atlantic Terminal in Prospect Heights, Brooklyn; a 19,000 square foot retail space at Queens Place Mall in Elmhurst, Queens, and a 28,000 square foot space in Bay Plaza, Bronx.
There are also retail spaces in New Jersey and Nassau County.