Brooks Brothers Thinks Young in Newest Location

New York City

Retail Brand Alliance has leased 7,100 square feet of retail space for a new Brooks Brothers store at 901 Broadway that will test-market more youthful apparel products in addition to the venerable clothier's traditional styles. Cushman & Wakefield’s Joanne Podell, who represented the ownership of the landmarked property, Karass Broadway 901 LLC, says in a release that the new store will have 24 feet of frontage on Broadway and 90 feet on 20th Street. C&W’s Mathew Seigel, who also represented the property’s ownership, says in the release that asking rents for retail space are about $250 per square foot. Frank DiMucci of DiMucci Partners represented Retail Brand Alliance in the 15-year deal. The five-story cast iron building was the site of the original Lord & Taylor department store 141 years ago.

Bond No. 9 is now at Bond No. 42. The international fragrance company has taken 5,700 square feet at 42 Bond St., a few blocks from its flagship store at 9 Bond St., for a showroom and corporate events space. Faith Hope Consolo and Joseph Aquino of Prudential Douglas Elliman’s Retail Group represented the tenant, as they have for all of its retail locations.

Four years in advance of the current lease’s expiration, Duane Reade has renewed and extended its 10,000-square-foot lease at 401 Park Ave. So. with building owner Meringoff Properties, opting to stay in the location for another 20 years. Duane Reade plans a multimillion-dollar upgrade to the space in accordance with the pharmacy chain’s new design. Winick Realty Group represented Duane Reade in the transaction, while Mark Stein of Meringoff acted on behalf of the landlord. Fedex and McDonald’s are the other retail tenants at the 12-story, 211,116-square-foot office building. Lease terms were not disclosed; asking rents for retail space in the area range from $65 to $125 per square foot, according to LoopNet.

A three-story, 11,960-square-foot commercial building at 1032-1034 Lexington Ave. on Manhattan’s Upper East Side has traded in an all-cash transaction valued at $10.2 million. Built in the early 19900s as a carriage house, it was formerly the home of Payard Patisserie & Bistro. Massey Knakal Realty Services’ Guthrie Garvin represented the sellrr, identified in city property records as 1032-1034 Lex. Ave. Ltd. The buyer was ADB Management, according to city records.

American Realty Capital New York Recovery REIT has closed on the $6.17-million acquisition of a Foot Locker store in the Bensonhurst neighborhood of Brooklyn. Foot Locker currently leases 100% of the property, located at 439 86th St., under a 15-year lease through January 2026. In a release, the REIT’s Michael Happel cites the prospect for stable and growing income, with 1.5 million people living within a five-mile radius of the store. The seller was not identified; city property records indicate the owner of the space is 429-441 86th Street LLC.