Sitt Asset Management has hired Jedd Nero of Avison Young to lease its 59,000 square feet of retail space at 2 Herald Square, which sits at the prominent northeast corner of Sixth Avenue and West 34th Street.
Nero’s team includes son Robert Nero, Jeremy Schwartz, Howard Aaron and Maria Fernandez.
Current retailers include the highest-grossing Victoria’s Secret flagship store and WeWork. The space was previously occupied by an H&M, which relocated across Herald Square.
“There is a great signage opportunity here both on the store and above,” said Nero. “It is a phenomenal location, as well as for every other retailer in the area.”
The ground floor has 12,000 square feet, the second floor 15,000 square feet, the third has 27,000 square feet and there’s a sub-basement of 5,000 square feet.
“We all know that things are changing in the retail world, and we’re not going to put a number on it,” Nero said of the asking rent. “But we will figure out how to make a deal that works for the tenant and for the owner.”
The space had previously been on the market through Cushman & Wakefield.
As we told you on May 17, Morris Bailey and his son-in-law Joseph Jerome of JEMB Realty were negotiating a deal with the Sitt family for the leasehold. SL Green already owns the debt.
It is now unclear if the prospective deal with JEMB will be completed or if another capital partner is being arranged by Cushman & Wakefield’s capital markets team. No one would comment on the state of that transaction.
