Something different: Thinking outside the box

Recently I have been conducting several searches and/or offering properties for lease or sale in Westchester. I've come to the conclusion that I specialize in "needles in a haystack!" But that's what makes the hunt exciting! For example, I recently listed a 3,000 s/f retail space. Because of its location - a great location in an up-and-coming but not-quite-there-yet community - the search is on for a visionary entrepreneur, franchisee, or national chain willing to "take a risk." Someone like Donald Trump - or who thinks big like Donald Trump - and who, by the way, just opened a beautiful luxury co-op tower a block away from this space! I have had a number of inquiries but here I go, back to that search for the perfect "needle." A chef, a clothing store, an employment agency, a martial arts studio - none of them were quite the right fit. But considering the neighborhood's demographics, it could be great for a specialty food shop, a clothing store targeted at a college audience, a temporary employment, or an art (vs. martial arts) studio. And in light of all of the luxury housing being built around it, how about a luxury goods retailer? If you're going to spend six to seven figures on a new apartment, the furnishings better do your investment justice! Here's another challenging, one that I won't give up on. There's a wonderful not-for-profit organization here in Westchester that is similar to the Peace Corp but geared towards the individual who wants to do-good in a third world country but doesn't have 12-months of their life to commit to the cause. Instead, it places individuals to short-term assignments that may run for as little as two-weeks. Its success with this strategy is evidenced by the fact that it now needs to double its building's capacity. Choices have to be made: Work amidst a construction site for three to six months (more realistically, probably 12 months), or find a soft-hearted landlord who's willing to write just a 12-month lease with an option for a month-to-month extension. Further complicating this assignment is the client's not unreasonable desire to remain close by to its existing facility so that management can visit the work site easily and possibly several times a day. The good news is that I have two such locations that might just meet its needs. Now, it's a matter of the client deciding whether or not it wants to work amongst the dust and din of construction or, bite the bullet, endure the nuisance and expense of moving twice within the same year, but benefit in the long run by having constructive work days vs. construction work days. Been there, done that, and it's not fun! Then there is this really spectacular warehouse building with over 30,000 s/f of very usable space. Its asking price of $150 - $200 a s/f has made more than a few jaws drop. Parking is at a premium, too. But, again by thinking outside the box additional parking could easily be created. Also, the location is great, especially if it remains a warehouse. However, two of my more creative out-of-the-box pitches to quite different prospects were transforming the facility into a sports arena or a funky, So-Ho-style banquet hall. With 30 ft. high ceilings in its prime room, it is large enough to build either a basketball court with spectator seating, or a ballroom for dancing and dining. Hopefully by the time this article is in print I will also have a new listing for a building that I have coveted for the decade or more that it has sat empty. The owners are now ready to transform the interior into a modern mixed-use application, creating a striking contrast to its solid, Romanesque exterior of sweeping rounded arched windows and commanding Doric columns. The beauty of this project is that it is bringing back to life one of the city's most historic and grandest buildings. Its future tenants will have a great new place to call home. Am I discouraged? On the contrary! I remain cautiously optimistic that I am close to finding an acceptable new home for both a cement factory and a fertilizer distributor! Rob Seitz is a commercial real estate agent with Goldschmidt & Associates, Scarsdale, N.Y.