A potential flagship retail opportunity in the shadow of Madison Square Garden is being marketed for lease by Eastern Consolidated, Commercial Observer has learned.
The two-building space, located at 425-427 Seventh Avenue, boasts 2,400 square feet of space on the ground, basement and second levels, with the third and fourth floors potentially available for a total of 12,000 square feet. The entire property is being marketed as a triple-net lease for $1.9 million per year.
“This is an opportunity to lock down a long-term lease in one of the busiest foot traffic corridors of the city, across the street from Madison Square Garden and Penn Station,” said Alexander Hill, a senior director at Eastern Consolidated, who is marketing the space.
The property is currently occupied by a gift shop and Spinelli’s Pizzeria. Both spaces have kitchens and are fully vented to accommodate a restaurant user.
“A retail flagship location would work well here but we are open to the restaurant use,” said Mr. Hill, who is marketing the space with Annie Meyding.
Under a separate agreement, tenants will have the opportunity to utilize the property’s three digital billboards.