Hamilton Heights Corner Retail Hits Rental Market
Terence Cullen April 14, 2015, 12:18 p.m.
A corner retail spot in Hamilton Heights has hit the rental market, not far from a new development by Columbia University, the brokers announced.
Currently housing a Payless ShoeSource, 3556 Broadway at the corner of West 146th Street has 3,700 square feet of retail space on the ground floor and 4,000 square feet on the second level, according to Douglas Elliman. The floors can either be leased together as a package, or separately.
Faith Hope Consolo, Joseph Aquino and Arthur Maglio of Douglas Elliman’s Retail Group are the exclusive agents for the property.
Asking rent is $150 per square foot on the ground floor and $50 per square foot on the second floor, according to the agents. Payless is currently on a month-to-month lease.
The owner of the building is listed in property records as 2431 Grand Concourse, LLC, an affiliate of ACHS Management. It bought the site last year for more than $5 million.
Neighboring tenants include several banks including Chase and Popular Community Bank, cell phone stores such as AT&T and Sprint, along with video game retailer Gamestop.
“This centrally located corner is perfect for regional or national brands, especially with the double frontage for signage,” Ms. Consolo said in prepared remarks. “Not only is the building in the heart of an emerging neighborhood, it is surrounded by new development projects and transitioning retail.”
Hamilton Heights is undergoing a resurgence with Columbia University expanding in several parts of the neighborhood. The school is constructing a 12-story building, slated to finish next year, which will have affordable units and house the Meeting with God Church on the ground floor. Several of the units will house residents displaced by the school’s expansion in Manhattanville, according to Columbia’s website.
Mr. Maglio called the development “just the tip of the iceberg” for interest around the site he’s marketing, in a press release.
“Several national retailers, banks, and restaurants have opened on this part of Broadway as a result of the changing residential and commercial profiles in the area,” he said.