Historic Front Street retail spaces hit block mid-reno

TRD New York /
Jun.June 05, 2013 02:00 PM

Four retail spaces are now up for grabs at the Durst Organization’s 14-building Historic Front Street property, Real Estate Weekly reported. The spaces span 800 to 1,500 square feet, with asking rents at roughly $100 per square foot.

“The rents are attainable for smaller tenants, and that’s what we’re going for,” Peter Braus of Lee and Associates NYC, who is handling leasing, told REW. “We’re looking for cool, interesting, eclectic tenants who would be able to sort of generate their own customers. We’re not looking for a 7-Eleven or a yogurt shop.”

The property as a whole, which is located between Beekman Street and Peck Slip, sustained flood damage during Hurricane Sandy, and has been undergoing renovations since the storm. It could be up and running by Independence Day.

The remaining seven tenants still have their spaces, and some of them are pondering whether they’ll be able to reopen their stores. The others renewed, with Durst providing them work allowances to get their spaces back in shape.

Overall in the property, the HVAC systems were relocated to the roof from ground level and the electrical systems are now situated above the flood line in anticipation of future storms. [REW]Zachary Kussin


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