The iconic retail and office space at 15 Park Row, once home to J&R Music, is being put up for sale by owner Rachel Friedman as a 200-year condominium lease.
The 15,186 square feet of office space on the second floor is leased to creative agency DBOX until November 2026, but all of the 19,327 square feet of retail space on the first floor (90 feet of sidewalk frontage) is vacant and J&R is relocating. This has been the case ever since. In 2015.
Friedman, who also owns J&R, said he decided to sell because of last month's rate cut.
“Since then, we have seen interest in the space from investors as well as retail groups,” she told us.
She revealed that she had been in “promising” negotiations with her late husband for storefront space at City Winery until COVID-19 struck.
An apparent deal with the Todd English brand restaurant group for some of the space that will be hollowed out in 2022 after investors fail to provide funding.
This commercial unit is located below 322 new luxury rental apartments owned by Atlas Capital Group.
Friedman and her late husband Joe sold the condo for $142 million in 2021, but retained ownership through a leaseback.
This space is offered through Adirondack Capital Partners. The DBOX space “will provide stable in-place rental income of approximately $700,000 annually through 2026,” the sales kit states.
“15 Park Row is part of New York's downtown retail history. J&R's legacy and impact on downtown is unparalleled,” said Adirondack Managing Partner David Johnson.
