Tenant inks 99-year ground lease for Bargain World spot
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An out-of-town retail operator has inked a 99-year triple-net ground lease for the Rosen family’s Bargain World spot on Harlem’s West 125th Street.
Skyline Properties’ Robert Khodadadian was the broker on the 4-14 West 125th Street deal, and told the New York Observer that the roughly 30,000-square-foot building will be delivered vacant. The taking rent for the entire property is $25 per square foot, or $60 per square foot calculating the most valuable 8,935-square-foot chunk of ground-floor retail space, according to the New York Observer.
The Bargain World store, which occupied the entire space using the address 8 West 125th Street for 40 years, was in the Rosen family for three generations and the site of an electrical blaze in 1980. The new owner, who Kodadadian declined to name, plans to convert the ground floor into one retail space with 100 feet of frontage on 125th Street, he told the Observer.
“The retail rents are going so high over there,” Khodadadian told the Observer of the area. “Credited tenants are moving up there more and more.” [NYO] — Julie Strickland