Historic Front Street Retail Spaces Hit the Market Post-Sandy
Al Barbarino June 11, 2013, 8 a.m.
The Durst Organization is marketing four vacant retail spaces at its Historic Front Street property at Downtown’s South Street Seaport, which will be rebuilt in the wake of the devastation caused by Hurricane Sandy.
The retail spaces were gutted after floods over seven feet high ravaged the spaces during the storm, according to Real Estate Weekly, which reported last week that Peter Braus of Lee and Associates NYC was hired to handle the lease negotiations. The four spaces, between 800 to approximately 1,500 square feet, will be marketed to smaller tenants.
“We’re looking for the jewelry store, the wine bar,” Mr. Braus told REW. “We’re looking for cool, interesting, eclectic tenants who would be able to sort of generate their own customers. We’re not looking for a 7-Eleven or a yogurt shop.”
The landlord has signed lease renewals with five of the established tenants who were in place before the storm, including Jack’s Coffee Shop, while others are still considering whether or not they will be able to re-open; those who choose to remain will receive “work allowances” to rebuild, Jordan Barowitz, the company’s director of external affairs, told REW, noting that HVAC and electrical systems have also been repositioned above the flood line.
“It was a fantastic, successful, beautiful little jewel of a neighborhood with a really, really nice sense of community and great retail,” Mr. Barowitz said. “We want to try to recreate it.”
Asking rents are roughly $100 per square foot.