NYC – An historic New York discount store and building has been sold in a deal brokered by Robert Khodadadian of Skyline Properties. The owners, the Rosen Family, owned the entire four-story building which will now be leased to a retail operator. The discount department store, known as Bargain World, was spread across every floor of the building. They were known for selling just about everything except for clothing and food products.
Bargain World is located at 8 West 125th Street has been in the Rosen family for three generations and has had several close calls in the past. Not only did the building suffer from an electrical fire in the 1980’s, but it has also survived through riots, recessions, and other incidents. The property has been rebuilt and renovated several times in order to repair fire damage and other destruction.
The building is in good shape now and the department store will be vacated in agreement with the new lease. The lease is a 99-year triple-net ground deal and the new owner already has plans for the building. According to Robert Khodadadian, the first two floors will be retail space and the top two floors will be offices.
Retail space is highly sought after in the area and sellers have been taking advantage of the market. Instead of Bargain World there will now be opportunities for several business owners to set up shop in the building.
This deal with the owners of the Bargain World building is just one of the exciting real estate transactions that have been taking place in the area. Keep checking back with the Skyline Properties blog for more details about some of the biggest real estate deals around the city!