Real Estate Weekly
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Retail

Downtown bustle drives up rent for Dream spa

Eastern Consolidated has arranged a 1,800 s/f lease for new health and wellness center 51 Dream at 44 Trinity Place in Lower Manhattan.

The lease achieved approximately $90 psf, a rare price in an area where asking rents average $50 psf.

The second floor retail space at the block-through building between Rector Street and Exchange Alley features 15 ft. ceilings, 20 ft. of frontage, and two entrances along Trinity Place and Greenwich Street.

JAMES FAMULARO
JAMES FAMULARO

“With the opening of One World Trade Center and ongoing redevelopment throughout the entire downtown area, there is tremendous demand for retail in this neighborhood,” said James Famularo, a senior director for the Retail Leasing Division at Eastern Consolidated, who along with associate director Ravi Idnani exclusively represented the landlord and tenant in the transaction.

“The new spa is surrounded by 10 million square feet of Class-A office space and new residential development, making it an ideal location for the new business.”

RAVI IDNANI
RAVI IDNANI

The property at 44 Trinity Place, located directly in front of the entrance to the No. 1, N, and R subway lines, is in close proximity to the American Stock Exchange, Zuccotti Park, Wall Street, and the National September 11 Memorial & Museum.

Neighboring tenants include: TGI Fridays, Subway, Jubilee Market Place, Café Bravo, Pomodoro Pizza, Goodfella’s Cafe, Cafe Exchange, Trinity Church, and the Trinity Boxing Club.

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