Tenant inks 99-year ground lease for Bargain World spot

New owner to convert Harlem building's ground floor into one large retail space

TRD New York /
Apr.April 03, 2014 06:00 PM

An out-of-town retail operator has inked a 99-year triple-net ground lease for the Rosen family’s Bargain World spot on Harlem’s West 125th Street.

Skyline Properties’ Robert Khodadadian was the broker on the 4-14 West 125th Street deal, and told the New York Observer that the roughly 30,000-square-foot building will be delivered vacant. The taking rent for the entire property is $25 per square foot, or $60 per square foot calculating the most valuable 8,935-square-foot chunk of ground-floor retail space, according to the New York Observer.

The Bargain World store, which occupied the entire space using the address 8 West 125th Street for 40 years, was in the Rosen family for three generations and the site of an electrical blaze in 1980. The new owner, who Khodadadian declined to name, plans to convert the ground floor into one retail space with 100 feet of frontage on 125th Street, he told the Observer.

“The retail rents are going so high over there,” Khodadadian told the Observer of the area. “Credited tenants are moving up there more and more.” [NYO]Julie Strickland

Related Articles

Gale Brewer proposes women’s jail at Lincoln Correctional Facility (Credit: Getty Images and iStock)

Gale Brewer wants to turn “prime, trophy real estate” into women’s jail

31-33 West 110th Street

A Harlem prison with Central Park views is closing down — and developers are ready

Another tenant from last year’s Harlem fire is suing the landlord

Kassirer’s refinances another Harlem multifamily portfolio

Isaac Kassirer refis part of Dawnay Day portfolio with $189M Freddie Mac loan

“Unheard of”: Corcoran broker suggests record $27M listing for two historic
Harlem townhouses

Irving Langer’s E&M just sold off another big Harlem portfolio

Camber lands $79M in financing for Harlem affordable housing building