A free-standing retail building near Columbia University’s developing Manhattanville campus has hit the market for $11 million, according to Eastern Consolidated, which is the exclusive listing agent for the property.
The 18,200-square-foot, rectangular building at 701 West 135th Street currently yields more than $400,000 in annual income from current leases, according to the listing, with one retail suite still vacant. Alternatively, the two in-place leases each contain terms to provide for vacant delivery by summer 2012.
“It’s an absolutely phenomenal opportunity to reposition a 20,000-square-foot building in a proven retail strip,” said Marion Jones, a director at Eastern, who shares the listing with colleague David Schechtman. “The phones are ringing off the hook.”
Jones noted the frustration of retail investors in New York because of a shortage in the number of commercial retail condos available for repositioning.
“There is nothing in the market with this investment profile,” she said. “Nothing with a near-term upside and the potential for repositioning. Buyers will range from very savvy retail investors to user groups who want to occupy and operate the space themselves.”
Current tenants in the space include brick oven pizza restaurant Covo and a nightclub, Phuket Lounge.
“[A nearby] Fairway supplies the area with an abundance of traffic and proves the viability of [the building] as a destination retail location,” the listing says. “With Columbia University’s Manhattanville expansion project, which is currently under development only three blocks to the south along 12th Avenue, retail demand will continue to surge for this area in the future.” – Katherine Clarke