The Real Deal New York

Jamestown buys master lease of Lincoln Square retail condo

32K sf space at 2008 Broadway houses Lowe's Home Improvement store

November 04, 2015 06:24PM

Jamestown Michael Phillips

2008 Broadway in Lincoln Square and Michael Phillips

Jamestown Properties purchased a 37-year master lease interest for a Lincoln Square retail condominium that houses a Lowe’s Home Improvement for more than $70 million.

The 32,400-square-foot commercial condo, located at 2008 Broadway near West 68th Street, is at the base of a 28-story luxury residential condo building that was constructed by Zeckendorf Development.

Lowe’s will occupy the retail condo, which features 22,000 square feet of selling space on the ground floor, for another 10 years, according to the New York Observer. The rest of the property’s square footage houses storage space in the basement and mechanical equipment in the mezzanine level.

The commercial space held a Food Emporium grocery store until May 2013, and is one of two former Food Emporium spaces that Eastdil Secured has been marketing on behalf of owners Angelo, Gordon & Co. and Madison Capital.

A 46-year ground lease at the other space – a 13,000-square-foot retail condo at 465 Sixth Avenue near West 12th Street – is rumored to be in contract with another buyer for more than $30 million.

Jamestown and its partners on the massive, 6 million-square-foot Industry City office development in Sunset Park are getting a $220 million loan from Bank of China and SL Green Realty to recapitalize existing debt on the project. [NYO]Rey Mashayekhi