Eastern Consolidated has been selected as the exclusive broker to market for sale the ground-floor retail condominium at 4 West 19th Street, in the booming Flatiron District.
The asking price is $6.5 million, which equates to a five-cap, uncommon among New York retail condo properties.
Ron Solarz, executive managing director and principal at Eastern Consolidated, is the exclusive broker marketing the property for sale on behalf of ownership. Chris Matousek is the financial analyst for the offering.
Situated on the ground floor of a 12-story residential building at the southwest corner of Fifth Avenue and West 19th Street, the 1,574 s/f retail condo features 68 feet of highly visible frontage just steps from Fifth Avenue shopping.
Ownership recently secured a long-term lease for this ground-floor asset with Zuber, the renowned luxury wallpaper and fabric firm that Jackie Kennedy used when she renovated the White House. Established well over 200 years ago in France, the prestigious tenant — which also boasts showroom locations in Paris, London, Dubai, Nice, and Moscow — designs and creates world renowned wallpaper and fabrics.
“This retail condo at 4 West 19th Street presents an excellent opportunity for an investor to capitalize on a newly-renovated property in one of Manhattan’s most desirable neighborhoods,” Solarz said. “The space is occupied by a high-end tenant, providing stable cash-flow on a ten-year term with annual increases, requiring minimal landlord responsibilities.”
Zuber will occupy the retail condo upon completion of facade restoration work to further enhance the exterior. The interiors have 17 ft. ceilings and oversized windows.
National brands lined along the thoroughfare include Michael Kors, Victoria’s Secret, Nike, Kate Spade, White House Black Market, Athleta, GAP, Anthropology, Soul Cycle, and Express, among others.