New York, NY The Hit Factory – the legendary Manhattan recording studio where superstars like Michael Jackson, John Lennon, Paul Simon and the Rolling Stones produced some of their finest music – has a prime retail opportunity up for grabs.
Eastern Consolidated’s Senior Director Adelaide Polsinelli is exclusively marketing the building’s 12,327-square-foot retail condominium located at 421 West 54th Street featuring long-term tenant Gibson Guitar Studio. The asking price is $8.7 million.
“This offering is the perfect mix of real estate and rock-and-roll,” Polsinelli said. “Whether you’re a rock-and-roll aficionado or real estate investor, this is an incredible opportunity to acquire an inflation-proof asset with a long-term net-leased tenant.”
Situated in the heart of Midtown West on the north side of 54th Street between 8th and 9th Avenues, Gibson Guitar is located at the base of the six-story, mixed-use Hit Factory building, which was converted to residential use after the studio closed its doors in the late 1990s.The building was originally The Hit Factory where hundreds of famous albums including “Born In the USA,” “Graceland” and “Songs In The Key Of Life” were recorded.
Gibson Guitar recently re-signed a new 10-year net-lease. Polsinelli adds that the investment is “unique” because the studio and showroom is frequented by the nation’s top talent and guitarists from all over the world, including B.B. King, Eric Clapton, Bruce Springsteen and countless other rock legends.
The retail condominium features 8,787 square feet on the ground floor with 34 feet of frontage facing 54th Street and 3,540 square feet of sellable lower level space. The property also benefits from 13’ ceilings, a 24/7 concierge and state-of-the-art surveillance cameras.
Though the music studios of the Hit Factory are long gone, the neighborhood remains home to other media industry giants such as CBS, the Daily, Avatar and several other television, entertainment and recording studios. The area provides easy access by subway lines 1, A, B, C, D, E and N, Q, and R. It is also located in close proximity to Lincoln Center. New York Institute of Technology, John Jay College, Fordham University, Trump International, St. Luke’s Hospital, a short walk to the Theater District and steps away from the West Side Highway.
Gibson Guitar Corporation is an American privately-held company that not only sells guitars, but also owns the Stanton Group, including Cerwin Vega, KRK Systems and Stanton DJ. Their division Gibson Pro Audio delivers professional grade audio items, including headphones, loudspeakers and DJ equipment. As of March 2013, the company reported a 12-month revenue of $500 million.
Founded in 1981, Manhattan-based Eastern Consolidated is one of the country’s preeminent full-service real estate investment services firms, offering unrivaled expertise in the greater New York marketplace to an impressive worldwide roster of institutional and private investor clients. The 40-person team of, who, combined, offer fluency in 11 languages, come from a wide diversity of entrepreneurial and professional backgrounds. With annual sales up to $4 billion, Eastern Consolidated focuses on the acquisition, disposition and finance of all types of properties.