25K SF of Retail Space in Penn Station Area Hits Market for $3.3M a Year [Updated]
Midtown South has become one of the hottest neighborhoods in Manhattan, with commercial tenants flocking to the area south of Penn Station.
And now Commercial Observer has learned that 25,300 square feet of retail space at 390 Fifth Avenue at the corner of West 36th Street is hitting the market. The lease includes 7,600 square feet on the ground floor, 5,400 square feet on the mezzanine, 8,800 square feet in the basement as well 5,400 square feet in the sub-basement.
“This space is the largest space between Lord & Taylor and the Empire State Building,” said Faith Hope Consolo, the chair of Douglas Elliman’s Retail Group, who’s marketing the property with colleague Joseph Aquino. “This is a game changer for that part of the corridor.”
Ms. Consolo said the asking rent was $300 per square foot on the ground floor, and $50 per square foot on all other levels. The space was formerly occupied by City Sport. It’s currently vacant and being cleaned out, Ms. Consolo said.
One type of potential tenant could be a retailer in the sportswear realm, she added. Because of the building’s frontage, she said it’s possible for a tenant to put large signage on the 135,000-square-foot building.
“This is an exciting opportunity,” she said. “It’s like a brand building. I can literally put whoever takes this space on the building.”
Mr. Aquino said in prepared remarks: “A retailer can get this great location for a tenth of the price of a store located on Fifth Avenue in the 50s, and still attain the majority of tourist traffic, especially with its proximity to The Empire State Building on 34th Street.”
Update: This story was edited to reflect the number of square feet on the market and asking rents.