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NEW YORK CITY-A joint venture between Philips International and Rhodes NY has just broken ground on the retail portion of 72nd and Broadway. The 48,000 sf of retail will sit at the based of a 19-story luxury rental tower rising at 2075 Broadway. The total project cost is $200 million.

The Upper West Side project will offer 22-foot ground-floor ceilings and glass storefronts with 200 feet of wraparound frontage. “There are very few spots in Manhattan that offer the exposure 2075 Broadway will and a design that offers incredible visibility,” Robert K. Futterman, chairman and CEO of Robert K. Futterman & Associates, says in a statement. “2075 Broadway is a fabulous location to reach the young, affluent residents and shoppers of the Upper West Side.” The firm is the exclusive leasing agent for the project.

A spokeswoman for Futterman tells GlobeSt.com that no leases for the retail portion of 72nd and Broadway have been signed at this time. She adds asking rent is $550 per foot for space on the ground floor, $100 per foot for the mezzanine and $225 per foot for the second floor. The asking rents for the lower floor is $125 per foot, she says, and $100 per foot for the sub-lower floor. No prices have been set for the rental units as yet.

The Gotham Organization is developing the rental tower, which is designed by Handel Architects. 2075 Broadway is expected to be complete by the fourth quarter 2009.

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