Retail rent slashed at one Third Avenue spot

One landlord is cutting the asking rents on Third Avenue, a move that will likely help fill long-vacant storefronts between 59th and 79th streets. The asking rent for a two-level, 13,000-square-foot space at 1251 Third Ave. at 72nd Street has been slashed...

Retail rent slashed at one Third Avenue spot

One landlord is cutting the asking rents on Third Avenue, a move that will likely help fill long-vacant storefronts between 59th and 79th streets. The asking rent for a two-level, 13,000-square-foot space at 1251 Third Ave. at 72nd Street has been slashed...

28 February 2017 Tuesday 11:50
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Retail rent slashed at one Third Avenue spot

One landlord is cutting the asking rents on Third Avenue, a move that will likely help fill long-vacant storefronts between 59th and 79th streets. The asking rent for a two-level, 13,000-square-foot space at 1251 Third Ave. at 72nd Street has been slashed to $1 million a year from $1.8 million, according to the New York Post. The space, once occupied by a Talbots store, includes150 feet of wraparound sidewalk frontage.

The new rent is a deal compared to other places on the avenue. Thor Equities is seeking $2.1 million a year for 6,000 square feet at 1237 Third Ave., between 71st and 72nd streets, where Grace's Marketplace was formerly situated. The owner of 10,000 square feet at 1220 Third Ave., between 70th and 71st streets, is seeking $1.88 million a year; and 14,700 square feet at 1201 Third Ave., between 69th and 70th streets, is going for $2.4 million. Both locations once hosted an outpost of Gracious Home.

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One landlord is cutting the asking rents on Third Avenue, a move that will likely help fill long-vacant storefronts between 59th and 79th streets. The asking rent for a two-level, 13,000-square-foot space at 1251 Third Ave. at 72nd Street has been slashed to $1 million a year from $1.8 million, according to the New York Post. The space, once occupied by a Talbots store, includes150 feet of wraparound sidewalk frontage.

The new rent is a deal compared to other places on the avenue. Thor Equities is seeking $2.1 million a year for 6,000 square feet at 1237 Third Ave., between 71st and 72nd streets, where Grace's Marketplace was formerly situated. The owner of 10,000 square feet at 1220 Third Ave., between 70th and 71st streets, is seeking $1.88 million a year; and 14,700 square feet at 1201 Third Ave., between 69th and 70th streets, is going for $2.4 million. Both locations once hosted an outpost of Gracious Home.

More real estate news

Fight looms as the mayor plans new homeless shelters (The New York Times)

Gov. Christie nominates retiring senator, CEO of public affairs firm to Port Authority board (Politico New York)

New condo unit approvals below average last year (The Real Deal)

Marshalls joining Target in Midwood, Brooklyn, retail complex (Commercial Observer)

Lendlease, Victor Group land $369 million in financing for NoMad condo (Commercial Observer)

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