Zar Property NY Markets Soho Retail Space ‘Without Retail Rents’
Al Barbarino July 11, 2013, 7:30 a.m.
Zar Property NY is marketing a prime 10,500-square-foot Soho basement space underneath 42-44 and 46-50 Greene Street as a retail space without retail rents.
At $67 per square foot, the price tag rings in at a fraction of what some retail space on the block commands, in some cases at upwards of several hundred dollars per foot, said David Zar, head of leasing at the firm.
“It’s a wonderful opportunity for a tenant wanting a retail presence in Soho without paying retail rents,” he said, adding that the space is also zoned for office space.
The firm plans to complete an extensive renovation by the end of this month, designed by workshop/apd, which includes new infrastructure, including terrazzo floors, bathrooms, electric, plumbing and rear windows, as well as ADA access – a process that was necessary to zone the space for retail use.
The building lobby is undergoing what Mr. Zar called an “ultra-modern renovation,” and new floor-to-ceiling glass entrance doors along Greene Street will provide the right tenant with a signage opportunity that leads to a descending staircase into the main floor. An elevator entrance will also lead to a separate set of glass doors.
Mr. Zar stressed the importance of landing an established tenant, noting that a high-end fitness and furniture store have expressed interest. FLOU, a European furniture company, and lighting company Artemide, are the upstairs retail tenants.