9:00 AM
One of the most coveted and successful storefronts on tony Greenwich Avenue has come available this June for the first time in nearly two decades.
Retail experts with Newmark Grubb Knight Frank have been given the exclusive assignment for 239 Greenwich Avenue by owners Acadia Realty Trust and Aberdeen Properties Inc. as former tenant Restoration Hardware moved to a larger outpost down the street to the former home of the Greenwich Post Office. It was home to RH for 16 years, and before that, D. W. Rogers Department Store for nearly a quarter-century.
The retail space at 239 Greenwich Avenue is prominently located on what is considered the most desirable intersection of Greenwich’s upscale shopping destination, and counts such high-end fashion brands Hermès, Ralph Lauren,Tory Burch, Kate Spade, Michael Kors, Calypso, Tiffany, Longchamp and Saks Fifth Avenue as neighbors.
“The property is, in a word, stunning,” said Jessica Curtis, a senior managing director in NGKF’s Greenwich, Conn., office. “Retailers seeking opportunities on the Avenue have always been drawn to its dramatic corner presence, extensive window line and classic architecture. It is tremendously exciting to have the opportunity to bring in the next new tenant to this premier location.
“The fact that Restoration Hardware nearly doubled its size in the market after 16 years at this building speaks to the strength of the property’s location and the Greenwich retail market as a whole.”
Ms. Curtis, Stephen Banker, executive managing director; James Ritman, executive vice president and managing director; and Christopher Cortese, director, are marketing the space, which comprises 6,093 square feet at street level, plus 6,200 square feet on a lower level. The owners also have an adjacent ground-floor space next door that can be combined for a total availability of 16,838 square feet.
“This is the 50-yard line of the Avenue, in the same block as Ralph Lauren and Hermès,” said Christopher Conlon, executive vice president and chief operating officer at Acadia Realty Trust. “239 Greenwich Avenue has been a successful site for two significant retailers spanning the past 40 years. It’s a stately building that offers space that simply doesn’t exist anywhere else on Greenwich Avenue.”
Acadia Realty Trust partnered with Aberdeen Properties, Inc. in the purchase of the property in 1998, and they have earmarked it as a long-term hold.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 320 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.