JERSEY CITY-Kim's Mediatronics has signed a long-term lease for 6,800 sf of retail space at 100 Pavonia Ave. here, within the Newport mixed-use development. Terms of the signing were not disclosed.
The signing marks the initial New Jersey location for Kim's Mediatronics, an independent book, music and video store with four locations in New York City. In the transaction, vice president Michael Stone and associate Tracey Mitnick of CB Richard Ellis represented Newport, which is owned by the Lefrak Organization. Peter Ko of Cosmo Realty, Palisades Park, represented the tenant.
"Many of my Manhattan customers are from [nearby] Hoboken," says Yongman Kim, owner of Kim's Mediatronics. "When I was presented with this opportunity in Newport, I felt it was the right place for me to create this concept."
"In the age of large bookstore conglomerates, Kim's Mediatronics has successfully created a niche within the New York-area marketplace," Stone says. "They have chosen the right location to reach their educated urban clientele."
Newport is a 600-acre mixed-use community encompassing residential, retail, office and entertainment uses. Lefrak is continuing to develop the community on former rail yards along the Hudson River waterfront.
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