Just a home-run hit from the site of the World Trade Center, the former J&R Music location at 25 Park Row is finally ready for a new tenant and can be set up as just a retail location — or include upper-floor offices.
The base of the new 50-story luxury residential condominium tower includes a hefty 60,000 square feet across four floors and a lower level for a single retailer.
But with a separate lobby, the floors can be configured for a retailer with 20,167 square feet on the ground and lower level — and the ability to have another 14,518 square feet on the second floor.
“The second floor can make an awesome retail space,” said Diana Boutross of Cushman & Wakefield, who is leading the retail leasing.
The retail asking rent is $350 for the ground, $125 per square foot for the second floor and $100 a square foot on the lower level.
Her C&W colleague, Vice Chairman Josh Kuriloff, is heading the office leasing, with an asking rent of $85 per square foot for 51,755 square feet of offices on the second through fourth floor, all of which have giant showroom windows.
The idea, Boutross said, is to make the best deal for the building. A flagship retailer could have offices above a store, for instance, or take the entire space.
“We have a wonderful opportunity,” Boutross added.
J&R Music was a NYC institution for 43 years before streaming music killed its foot traffic. It closed its Park Row location across from City Hall in 2014 after being founded in 1971 by 20-year-old newlyweds Joseph and Rachelle Friedman.
