Volume 79, Number 33 | January 20 - 26, 2010
West and East Village, Chelsea, Soho, Noho, Little Italy, Chinatown and Lower East Side, Since 1933


Mixed Use

By Patrick Hedlund

Soho retail scoop
A real estate investment company has acquired a long-term lease for a prime retail property on lower Broadway in Soho.

The deal gives Aurora Capital Associates a 49-year master lease over four floors covering 40,000 square feet at 483 Broadway between Broome and Grand Sts.

Under the roughly $150 million deal, the new tenant will control the five-story building’s subbasement, lower-level, ground-floor and second-floor spaces, each with 10,000 square feet.

Aurora Capital has taken several leases in the area over the past year, including establishing flagship retail locations for Hollister at 600 Broadway, Victoria’s Secret at 591-593 Broadway and Forever 21 at 568 Broadway.

Possible future plans for the property include combining all the floors to create a major flagship retail space in the high-traffic area, with an additional entryway on Mercer St., according to Aurora. The clothing store Yellow Rat Bastard currently occupies the first and belowground floors, while a media and fashion company occupy floors three through five. The second floor remains vacant.

“This particular section of Broadway is one of the strongest in New York retail,” said Jared Epstein, Aurora’s vice president of leasing and acquisitions, in a statement. “For example, the conversion rates on this block are among the best in the world, and many retailers have sales volumes at or above $2,000 per square foot.

Skinny sale
New York’s narrowest house — the under-10-foot-wide property sitting snugly on Bedford St. in the West Village — recently sold following a markdown of more than a half million dollars.

The skinny, three-story, Dutch-style house reportedly sold for $2.175 million to an unknown Florida buyer after originally hitting the market this past summer for $2.75 million.

The diminutive address, which sits at 75½ Bedford St. nestled between Commerce and Morton Sts., is the reputed former home of poet Edna St. Vincent Millay, actor Cary Grant and anthropologist Margaret Mead.

According to reports, following the purchase, the 999-square-foot property turned up in rental listings with an asking price of $10,000 a month.


mixeduse@communitymediallc.com

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