Skyline Properties, a commercial real estate firm focused on off-market transactions in the tristate area arranged the following transaction:
An out-of-town retail operator has just inked a 99-year triple-net ground lease at 4-14 West 125th St. located between 5th Ave. and Lenox. The lone broker in the deal, Robert Khodadadian of Skyline Properties, said, "The 32,000 s/f property will be delivered vacant, boasting 100 ft. of retail frontage on 125th St. with roughly 8,935 s/f of ground floor retail space."
Bargain World, which occupied the entire space using the address 8 West 125th St. for 40 years, was in the Rosen family for three generations and the site of an electrical blaze in 1980. The new tenant is planning to convert the ground floor into one big retail space, with 100 ft. of retail frontage and turning the second-floor office space into retail while keeping the upper two floors as offices. The second through fourth floors are each 7,086 s/f.
"With average retail rents of over $100 a ft. on the 125th St. retail corridor, the new operators are taking advantage of the huge retail opportunity," said Khodadadian. Tags: