| Even though CompUSA vacated 420 Fifth Avenue's retail space earlier than its scheduled expiration, the space is well-positioned to be leased in an upward retail market; the 52k SF store's location on bustling Fifth Avenue makes it perfect for a high-volume store, says Ripco Real Estate partner Peter Ripka and building owner Heritage Realty Services principal George Constantin (with Ripco's Andrew Mandell, above). H&M, Zara, and BCBG Max Azria have already opened on the avenue, further driving retail and tourist traffic south. The building is adjacent to Lord & Taylor's—if the potential Christmas shopping crowd doesn't sway you, perhaps the fact that 30k runners line up in front of the store before boarding a bus to Staten Island for the ING New York City Marathon each year does. |
| It's also a unique opportunity to have a full block of frontage in Manhattan, which doesn't exist elsewhere in the borough, they say. Unlike many large retail offerings, the space was built for retail usage alone, with separate self-contained HVAC and utilities, columnless floors with 13' ceilings, and a cellar, George notes. But if you can't fill 52k SF, the space can be split up to five different ways—Au Bon Pain already took 4.2k SF. The 99%-leased office tower, above, includes tenants like the Rockefeller Foundation, Major League Soccer, and the Girl Scouts of America (whom we think should just open a year-round cookie store downstairs). The office, residential, and retail traffic make the corridor between 34th St. and 42nd St. a big bang for your buck at $250/SF, Peter says. |
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