Following New York City Landmarks Preservation Commission’s approval of a renovation plan at 281 Park Avenue South, Commercial Observer has obtained renderings of RFR Realty‘s new retail space.
The renovations, which were approved last Tuesday, include modifying the storefronts and expanding the retail space on the second floor of the property. The two-level retail space includes 80 feet of frontage on Park Avenue South and 70 feet of frontage on East 22nd Street. MdeAS Architects is the firm working on the new retail space. Asking rents are $325 per square foot for the ground floor, $125 per square foot for the second floor and $50 per square foot for mezzanine and lower-level space.
Plans also include creating a new lobby and entrance on East 22nd Street.
“Considering the combination of a prime location, expansive space and carefully updated storefronts, we believe that there is a tremendous retail opportunity at 281 Park Avenue South, whether for a corporate tenant who also takes offices upstairs or a standalone retailer,” said Aby Rosen, the co-founder and principal of RFR, via a spokesman.
Right now, the six-story, 45,000-square-foot building is occupied by the Federation of Protestant Welfare Agencies, which is using the entire building for office space. There is currently no retail at this location. The Federation of Protestant Welfare Agencies could not immediately be reached for comment.
The entire building, which was acquired by RFR Realty at the beginning of 2015 for $50 million, is being marketed as a “headquarters” space, which means one company will take both the office and retail space. However, the company is also open to leasing the building as a “single-user” office location with a different retailer.
When the retail space is created, it will include 2,732 square feet on the lower level, 3,353 square feet on the ground floor, 4,837 square feet on the second floor and 877 square feet on the mezzanine level, for a total of 11,799 square feet. Office floor plates in the building are approximately 6,700 square feet, according to RFR.