Greenwich Avenue retail gem comes to market

Market observers have called it one of the most coveted and successful storefronts on Greenwich Avenue and it became available for the first time in nearly two decades in June.

Retail experts with Newmark Grubb Knight Frank have been given the exclusive assignment for 239 Greenwich Avenue by owners Acadia Realty Trust and Aberdeen Properties Inc. as former tenant Restoration Hardware moved to a larger outpost down the street to the former home of the Greenwich Post Office.

It was home to Restoration Hardware for 16 years, and before that, D. W. Rogers Department Store for nearly a quarter-century.

The retail space at 239 Greenwich Avenue counts such high-end fashion brands Hermès, Ralph Lauren,Tory Burch, Kate Spade, Michael Kors, Calypso, Tiffany, Longchamp and Saks Fifth Avenue as neighbors.

“The property is, in a word, stunning,” said Jessica Curtis, a senior managing director in NGKF’s Greenwich office. “Retailers seeking opportunities on the Avenue have always been drawn to its dramatic corner presence, extensive window line and classic architecture. It is tremendously exciting to have the opportunity to bring in the next new tenant to this premier location.”

Ms. Curtis, Stephen Banker, executive managing director; James Ritman, executive vice president and managing director; and Christopher Cortese, director, are marketing the space, which comprises 6,093 square-feet at street level, plus 6,200 square feet on a lower level. The owners also have a  ground-floor space next door that can be combined for a total availability of 16,838 square feet.

“This is the 50-yard line of the avenue, in the same block as Ralph Lauren and Hermès,” said Christopher Conlon, executive vice president and chief operating officer at Acadia Realty Trust. “239 Greenwich Avenue has been a successful site for two significant retailers spanning the past 40 years. It’s a stately building that offers space that simply doesn’t exist anywhere else on Greenwich Avenue.”

Acadia Realty Trust partnered with Aberdeen Properties, Inc. in the purchase of the property in 1998, and they have earmarked it as a long-term hold.

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