Tuesday, June 25, 2013

The 'tremendous retail potential' of East 10th Street and 4th Avenue


There are renewed efforts to develop the long empty space on East 10th Street and Fourth Avenue ... for sale signs appeared on the corner lot last week ... There were plans to build a 13-story hotel here, though the city never OK'd that proposal, as Curbed reported in 2009.

Now what is being pitched? According to the Massey Knakal listing:

This prime residential development site is located on the southeast corner of Fourth Avenue and East 10th Street. Currently, there are two seperate buildings, but both the properties can be delivered vacant to allow for future development. Plans exist for a nine story mixed-use building with 8 floor through apartments and a bi-level retail space with double height ceilings. The existing properties are also available for lease.

This corner site has tremendous retail potential. Astor Place, which is only two blocks to the south, is a major transportation hub ... Minskoff Equities’ 51 Astor Place has been a game changer for the area. Designed by Japanese architect Fumihiko Maki, it reaches 13 stories with 400,000 rentable square feet. Its top office floors are asking over $100/SF and its retail is rumored to be looking for $300s/SF. The retail at 41 7th Avenue will certainly benefit from its close proximity and should be able to achieve $200/SF from a luxury retailer or top restauranteur.
And here is a rendering showing the possibilities...



Price for the lot: $24 million.

A market and St. Marx Music were the most recent tenants here, going back to 2007 ... Jeremiah Moss, who has written extensively about this corridor's history, has more about the plans for East 10th Street and Fourth Avenue today here ....
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6 comments:

  1. BabyDaveJune 25, 2013 at 2:41 PM

    " . . . 41 7th Avenue . . ."??

    Aside from that, "game changer for the area" is a little scary. Because it's likely true.

    ReplyDelete
  2. AnonymousJune 25, 2013 at 2:56 PM

    Maybe they should build a mini death star to watch the back of the big one up the street

    ReplyDelete
  3. sam_the_manJune 25, 2013 at 3:57 PM

    Here's a cool David Vestal photograph of the same location from 1949 with the same painted 'Loft Space - Linnekin' sign clearly visible.
    http://artsy.net/artwork/david-vestal-heavy-rains-on-roofs-across-street-from-77-east-10th-street-nyc

    ReplyDelete
  4. AnonymousJune 25, 2013 at 4:28 PM

    Already -- we have fewer options for everyday living... what next? PRADA on Fourth?

    ReplyDelete
  5. JohnJune 25, 2013 at 6:13 PM

    options:

    1) Methadone clinic

    2) Dunkin Donuts + Subway + Methadone Clinic

    3) Weiner campaign headquarters

    ReplyDelete
  6. AnonymousJune 7, 2014 at 4:13 PM

    "Game changer"?

    More like "GAME OVER"
    (and guess who lost?)

    - East Villager

    ReplyDelete

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