Golfsmith Leased Remaining Retail Space at 420 Fifth Ave
-December 21, 2012
According to Heritage Realty Services, LLC, Golfsmith has leased the last remaining retail space at 420 Fifth Ave., bringing the retail condominium to full occupancy.
The custom golf club, apparel and accessories chain signed the 12-and-a-half-year, 14,452 s/f lease, of which 2,000 s/f are on the ground floor and 12,000 s/f are on the second floor, with plans to open its flagship location.
George Constantin, president and CEO of Heritage Realty Services, represented the landlord, Heritage Realty Services. Peter Ripka, Andrew Mandell and Richard Skulnik of Ripco Real Estate – the exclusive brokers for 420 Fifth Ave. – represented the tenant.
Golfsmith's lease culminates a series of changes that Heritage Realty implemented at 420 Fifth Ave. to attract high-quality tenants below 42nd St. The ground-floor retail at the building was previously configured as a single 72,000 s/f, multi-level storefront occupied by CompUSA. In the post-2008 economic landscape, Heritage decided to split the big-box retail into three separate spaces, and as a result was able to raise the rent from $30 per s/f to more than $100 per s/f.
"By splitting the ground floor retail space, we were able to diversify our risk within the property by bringing in a wider variety of tenants, including CVS, Reebok/CrossFit and Golfsmith, said Constantin. "Additionally, our building-wide capital improvement program helped us to draw top-tier tenants at higher rents, averaging a 15% increase across the board."
The retail condominium at 420 Fifth Avenue is a 72,000-rentable s/f, full-block, multi-level space. Features of the self-contained, purpose-built retail space in the Class-A, high-rise office building include:
- A full-block, glass storefront on the ground and second floors overlooking Fifth Ave., providing exceptional showcase windows;
- Purpose-built, efficient retail selling space;
- Limited columns and several entrances from Fifth Avenue, West 37th St. and West 38th St., which make it easily customizable for smaller tenants;
- High ceilings throughout;
- Self-contained HVAC system servicing only the retail space, enclosed loading dock, freight and private internal passenger elevators and heavy electrical capacity.