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Real Estate Weekly

Restaurateur Is Ahead of Curve

February 10, 2010

Sinvin Realty, LLC announced that Paradox Ventures has leased one of three units in the newly constructed one-story retail structure at 330 West Broadway for a new gourmet Italian salumeria concept.

Sinvin principal MICHAEL GLANZBERG and senior director KRISTIN McCANN represented the landlord, West Broadway 330 LLC in negotiations for the 13-year deal. Philip Metzidakis and Robert Egan of the Jansizian Group, Ltd. represented the tenant.

This strip of West Broadway between Broome and Canal Streets has not been considered a hot spot for retail. However, with the new construction being directly adjacent to the Soho Grand Hotel and across the street from Felix, along with residential developments the strip is drawing clever retailers anticipating the area’s growth.
“Retailers have an exciting opportunity to capitalize on the relatively lower rents, while also being able to directly influence the character of the block as it develops,” said Glanzberg.

The 817 s/f ground-floor retail unit has 13-foot ceilings and 290 s/f mezzanine. The reported asking rent was $235 per ground-floor square foot.