On the Market: Leasehold Interest for Entire Prime Village Blockfront
Billy Gray June 7, 2013, 11:15 a.m.
Eastern Consolidated is offering the sale of the leasehold interest in the whole blockfront of 44-58 East 8th Street in the heart of Greenwich Village. The retail portion of the building contains 8,000 square feet of space on the ground floor and a subterranean garage.
Senior Director Adelaide Polsinelli and Director of Financial Services Gary Meese are the Eastern brokers leading the sale. The building’s seven retail spaces are all currently leased. Tenants include Ricky’s and Au Bon Pain.
Ms. Polsinelli said in a prepared statement that this sort of retail trade had not occurred on East 8th Street in over a decade. The property is located between Greene and Mercer Streets. A representative of the seller, a local investor, approached Eastern to market the sale.
“You cannot find a more desirable retail location than 8th Street in Greenwich Village when it comes to a fun, collegiate, young shopping strip,” Ms. Polsinelli said in a prepared statement.“And, there’s the bonus of being able to create additional square footage to the parade of shops.”
New York University is planning a 2-million-square-foot expansion in the Village, which will only add to the student market. The block is also close to Minskoff Equities‘ 400,000-square-foot newbie, 51 Astor Place.
The Eastern brokers could not immediately be reached for further comment.