Real Estate Weekly
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Retail

$20,000-a-month Cheslea retail corner expected to be eaten up quick

A prime Chelsea retail corner is up for grabs, for the first time in two decades.

Winick Realty Group is marketing the 800 s/f ground floor space at 261 Seventh Avenue, on the southeast corner of West 25th Street. Currently occupied by Trumart Discount Fabrics, the site has 12-and-a-half foot ceilings and 25 feet of corner frontage.

Located on property across the street from Whole Foods and baby merchandise megastore Buy Buy Baby, leasing agents are looking to fill the spot with a juice concept, coffee, or quick service restaurant.

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261 Seventh Avenue

“The retail has changed a lot, there’s tremendous foot traffic from Whole Foods and Buy Buy Baby, and the Fashion Institute of Technology, which has over 10,000 enrolled students,” said Matthew Ball of Winick, who is one of the exclusive agents marketing the space, along with Darrell Rubens.

The current tenant’s lease expires in a month, and the landlord is looking to fill the space as soon as possible. Ball said the space is being marketed for $20,000 a month and has garnered significant interest from retailers.

MATTHEW BALL
MATTHEW BALL

Neighboring retailers include Papyrus, Caffe Bene, Starbucks, Argo Tea, Chipotle Mexican Grill, Jamba Juice, GNC, Chase Bank, and TD Bank.

Though the space is not located in the parameters of one of the traditional retail corridors that are tracked by commercial real estate brokerages, it is bordered by several that have seen average asking rents increase in the past year.

Flatiron/Fifth Avenue, from 14th -23rd Street experienced a four percent increase from Spring 2014 in asking rent prices, according to the REBNY 2015 Spring Retail Report. The Broadway corridor, from 14th to 23rd St. had an 11 percent increase, Herald Square West had a 13 percent rise, and Meatpacking had a 10 percent increase in average asking rents.

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