New York, NY Eastern Consolidated has arranged the sale of a 1,574 s/f ground-floor retail condominium at 4 West 19th St. that the firm’s retail team leased last summer to Zuber, the wallpaper and fabric firm that Jackie Kennedy used to decorate the White House. The Flatiron property traded for $6.4 million.
4 West 19th Street - New York, NYRon Solarz, executive managing director and principal at Eastern Consolidated, represented the owner, a corporate entity, and Eastern Consolidated’s Roberto Ortiz, senior director and principal, and Ronda Rogovin, senior director and principal, represented the buyer, a private real estate investor. Chris Matousek was the financial analyst for the offering, and James Famularo, senior director and principal in the retail leasing division, arranged the lease with Zuber last summer.
“Eastern Consolidated’s retail leasing team unlocked the value of this retail condo by arranging the 10-year lease for Zuber’s showroom before we started marketing the property for sale,” Solarz said. “Zuber, which has been designing and producing luxury wallpaper and fabrics since its founding in France in 1797, operated a highly successful showroom on the Upper East Side for 20 years before relocating to 4 West 19th St.”
Situated on the ground floor of a 12-story residential building at the southwest corner of Fifth Ave. and West 19th St., the retail condo features 68 ft. of highly visible frontage just steps from Fifth Ave. shopping. The space benefits from soaring ceiling heights of 17 ft. and a renovated façade that accentuates its oversized windows.
“Having a prestigious tenant like Zuber in place made the retail condo especially appealing to the buyer,” Ortiz said. “This highly desirable retail site offers a secure income stream for the next 10 years, and the opportunity for long-term upside from the continued appreciation of retail rents in the area.”
Rogovin said, “The seller did an incredible job restoring the façade of the store with beautiful bay windows that bring natural light into the Zuber showroom, offering a space comparable to the company’s other showrooms in Paris, London, Dubai, Nice, and Moscow.”
This area of the Flatiron District is coveted both by investors and Triple A national retail tenants because of its central location, great foot traffic, and expansive variety of retail, restaurants, and neighborhood attractions. National brands include Michael Kors, Victoria’s Secret, Nike, Kate Spade, White House Black Market, Athleta, GAP, Anthropology, Soul Cycle, and Express, among others.
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