Eastern Consolidated is marketing for lease a prime 2,800-square-foot ground floor retail space at 356 Broadway between Leonard and Franklin Streets in the heart of Tribeca’s residential construction boom.
James Famularo, Senior Director and Principal at Eastern Consolidated, is the exclusive broker for the storefront situated at the base of a five-story condominium, which offers 20-feet of frontage on Broadway and a brand new façade. The vanilla white boxed space also includes a 1,600-square-foot basement with a designated entrance, 800-square-foot sub-basement, as well as a private streetway called Benson Place behind the building, which contains off-street parking in the evenings.
“This storefront is an ideal location for retail because it’s at the center of the massive residential development taking place in Lower Manhattan, which has pushed the population to over 61,000 residents who have an average household income of $214,000,” Famularo said. “Directly across the street from 356 Broadway, Toll Brothers City Living is developing a 111-unit luxury residential building, which will be a great addition to the 31,000 residential units already downtown.”
Famularo continued, “In addition to residents, the area employs over 275,000 people in media, financial services, insurance, real estate, government, professional services, advertising, technology, and the nonprofit sector; features 30 hotels; hosts 14.2 million visitors annually; and is connected by 13 subway lines with an average weekday ridership of nearly 360,000.”
Famularo has negotiated a number of leases in Tribeca and was instrumental in changing Reade Street into a kid-friendly block by arranging leases for Jacadi, Livly, Reade Street Prep Academy, Miss Rachel’s Ballet School, and the Language Center.
The retail condo at 356 Broadwaywas purchased and re-developed by Imperial Development Group in 2016. The firm has already been active in the area, having just completed developing luxury condominiums one block north at 6 Cortlandt Alley.
“We have been building on this corridor of Broadway now for five years”, says Ryan Kaplan, a partner at Imperial. “I’ve watched every bodega or novelty store that closes be replaced by a high-quality tenant. The tenants planting roots here now are ahead of the curve—benefiting from the foot-traffic of being along Broadway and paying a fraction of the price as Soho.”
The retail space is near New York Law School, Crunch Tribeca, Harley-Davidson of New York City, Black Burger, Dyenamix, Gourmet Garage, and Café Lafayette, as well as accessible to transportation via the 1, 6, A, C, E, J, Z, N, Q, W, PATH train, and ferry.
Eastern Consolidated
Powered by a highly skilled team of over 100 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.
