Wednesday, November 28, 2018

Retail space for lease now at 131 1st Ave., which has a new owner

[Photo by Steven]

The for-lease signage arrived yesterday at 131 First Ave., the former Foot Gear Plus space at St. Mark's Place.

The property had been on the sales market since the 38-year-old shop closed last July. Here's how the Meridian Investment Sales team was pitching the prime lot:

Owned by the same family for 54 years, this single story building, located on the southwest corner of St. Marks Place and First Avenue, presents a distinct opportunity for an investor or end-user to establish a retail or food and beverage presence.

The property is currently constructed as a single story, 1,350 square foot building with a large usable basement. Investors have a unique value-add opportunity to either reposition the retail or monetize 4,150 square feet of air rights in the future.

According to a filing that hit public records last week, the property changed hands for $3.85 million. The buyer is an LLC that shares an address with HUBB NYC Properties LLC, a real-estate operating company.

So given the rental signage here (the listing isn't online yet), the new landlord is looking to reposition the retail as opposed to tearing down the structure for a new residential building — for now, at least.

Previously on EV Grieve:
After nearly 40 years, Foot Gear Plus is closing on 1st Avenue and St. Mark's Place

What's next for 131 1st Ave., the former Foot Gear Plus space?

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