Extell project pushes Sam Ash to 34th Street

New York /
Jul.July 24, 2012 09:00 AM

Fearing that Extell Development is preparing a new development for its West 48th Street storefronts, Sam Ash is leaving the thoroughfare, between Sixth and Seventh avenues, long dominated by music instrument and equipment shops. According to the New York Post, Sam Ash has signed a lease for 30,000 square feet at SL Green Realty’s 333 West 34th Street, across from the Loews multiplex cinema. The company will move its six stores along West 48th Street to the new location, which comprises 20,000 square feet on the sidewalk and 10,000 more below-ground. The space was formerly JPMorgan’s cafeteria.

Paul Ash, the son of the company founders, told the Post that the stores on the north side of the block, in the base of the parking garage, must vacate soon because the landlord, identified as Gary Barnett’s Extell Development, is “planning a condo.” The Post said the Rockefeller Group, which owns the Sam Ash storefronts on the south side of the block, is also assembling lots for development.

The asking rent for the space, which was listed by Newmark Grubb Knight Frank’s Jeffrey Roseman, was $90 per square-foot. “Sam Ash was flirting with [a possible move] for years,” Roseman told the Post. “They needed to figure out what to do for a permanent Manhattan home with no ax over their heads.” [Post]


Related Articles

arrow_forward_ios
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)
Extell lands $690M refinancing package for One Manhattan Square
Extell lands $690M refinancing package for One Manhattan Square
The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)
SL Green puts Daily News building up for sale
SL Green puts Daily News building up for sale
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
Extell sells One57 sponsor unit for $17M
Extell sells One57 sponsor unit for $17M
Extell sells One57 sponsor unit for $17M
The soft market for luxury units has some developers hard up. (Getty)
Buyers taking advantage of New York City’s condo glut
Buyers taking advantage of New York City’s condo glut
106 Spring Street with SL Green's Marc Holliday of SL Green and Paceline Equity Partners' Sam Loughlin (Google Maps, iStock)
One of Soho’s priciest retail spaces sells at UCC foreclosure auction
One of Soho’s priciest retail spaces sells at UCC foreclosure auction
(iStock)
These were Manhattan’s best office submarkets in Q4
These were Manhattan’s best office submarkets in Q4
Central Park Tower at 217 West 57th Street and Extell president Gary Barnett
Closings kick off at Central Park Tower
Closings kick off at Central Park Tower
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...