RKF Arranges $10M Sale of Downtown Manhattan Retail Space

By Laura Calugar

The retail space at 682 Broadway, New York

New York—RKF, an independent real estate firm specializing in retail leasing, investment sales and consulting services, recently announced that it has closed the sale of a 1,400-square-foot prime retail space at 682 Broadway in NoHo for $10 million. RKF represented the owner, Manhattan-based Premier Equities, while Marshall Real Estate represented the buyer, Ascot Properties LLC.

Situated on the southeast corner of Great Jones Street and Broadway in NoHo, the building is in close proximity to NYU and benefits from a high volume of pedestrian traffic. The corner retail space includes 1,000 square feet on the ground floor, 400 square feet in the basement and 50 feet of frontage. The space is leased to health and wellness retailer GNC for 10 years. GNC has been at this location for the past two decades. According to RKF, GNC currently pays an annual rent of $475,000 for this space.

“This is one of NoHo’s busiest corners, just steps away from iconic thoroughfares Bond Street, Washington Square Park and SoHo. This sale shows the strength and continued demand for income-producing retail in downtown Manhattan,” said Brian Segall, RKF’s vice president, in a prepared statement.

RKF has recently arranged various investment sales in Manhattan, including a 2,354-square-foot retail condominium at 42 Hudson St., in Tribeca, a $4.9 million sale of a 2,800-square-foot building at 28 East 13th St., in Union Square, and the $2.2 million sale of a 4,535-square-foot retail condo at 1810 Third Ave., on the Upper East Side. The firm also arranged a lease with Time Warner Cable to open its second “Experience Store” in Manhattan last March.

RKF is currently marketing the sale of an 8,439-square-foot retail condominium at 347 Bowery and an 8,752-square-foot new-construction retail condominium at 882 Fulton St., in Brooklyn.

Image via Google Street View