NEW YORK—A blockfront retail strip on East 8th Street, the legendary east/west thoroughfare in the heart of Manhattan’s Greenwich Village, arguably one of the most heavily trafficked retail enclaves in New York City, is now available for sale.
Eastern Consolidated Senior Director Adelaide Polsinelli with Director of Financial Services Gary Meese are currently in the market with this prime exclusive offering, at 44-58 East 8th on the street’s south side between Greene and Mercer Streets. Tapped on behalf of the seller, a local investor, Polsinelli explained that this long-term leasehold interest consists of 8,000 sq. ft. of retail at street level as well as a 40-car underground parking garage.
“You cannot find a more desirable retail location than 8th Street in Greenwich Village when it comes to a youthful and fun, collegiate shopping strip,” said Polsinelli, who added that New York University’s college campus provides a ready-made built-in market, “with a bonus—the potential to create additional retail square footage in the shop parade.”
The property is comprised of seven retail spaces, each of which is currently leased; tenants include popular national bakery chance Au Bon Pain, Ricky’s and several independent neighborhood retailers.
Only steps from historic Washington Square Park, Union Square, Broadway, and excellent transportation hubs, the N and R trains are available on 8th Street, the 6 at Astor Place and the A, B, C, D, E, F, and M subway lines at the West 4th Street station.
“The last sale of this type of retail to trade on 8th Street took place over two decades ago. This opportunity is already creating a tremendous buzz in the investment community,” Polsinelli said in a statement. “We are getting a very positive reception to this offering from users, investors and 1031 exchange buyers, given the continuing rise in demand for retail real estate in prime locations.”