Long Occupied 4,452-SF Retail Space Off Union Square Hits Market
Billy Gray June 13, 2013, 8 a.m.
Tarter Stats O’Toole has scored another major downtown assignment and is marketing the 4,452-square-foot retail space at 111 Fourth Avenue, The Commercial Observer has learned.
The store, on Fourth Avenue between 11th and 12th Streets, was previously occupied for 30 years by Utrecht, an art supplies store. The space features 19-foot ceilings and 45 feet of frontage on the avenue. Asking rent is $125 a foot
Gregory Gang and Catherine O’Toole are marketing the space on Tarter’s behalf.
“Some people consider it the East Village,” Mr. Gang said. “But it’s also two blocks south of Union Square, so it feels like a part of that.” The neighborhood draws tenants with its relatively cheap rents compared to Union Square. Asking rent at 111 Fourth Avenue is $125 a foot. At 35 Union Square West, rents reach about $450 per square foot, according to CoStar.
Regardless of its technical neighborhood, the address benefits from foot traffic emanating from both Union Square and the East Village, which overflows with students and an increasingly affluent residential population. Seinfeld fanatics may also make pilgrimages to the block: the retail space is adjacent to a post office that appeared on the sitcom.
As for potential tenants, Mr. Gang said he views the space “as an apparel showroom, gallery or bookstore.”