THE PLAN

1114 first avenue

Vacated by a former home furnishings company, Straight from the Crate, the corner space on 1114 First Avenue at 61st Street and First Avenue has been earmarked for a retail opportunity by brokers. With 3,400 square feet on the ground floor and 2,000 square feet on the lower level, the space has plenty of potential. Due to a dearth of banks in the neighborhood, the space could be uniquely suited for a retail banking branch. Or it could once again become of a home furnishings store, though the location of the space and nearby competition from Bed, Bath and Beyond complicates that possibility. Attempting to draw the attention of the community and potential tenants, brokers for the space have worked with Barbara Paley of Art Assets to create a window art installation by Aakasah. “It was designed to catch the eye of anybody walking or driving in that neighborhood,” she said. “We wanted to create a little bit of a sensation, [so] that people started to say, ‘What is this?’ And then to think, ‘This is a space I could use.’” Last week, Ms. Paley and Mark Stein of landlord Meringoff Properties spoke to The Commercial Observer about the art installation and the unique features of the space. 01
With 35 feet of frontage on First Avenue and extending back 75 feet on 61st Street, a good portion of the façade is brick, but could it potentially feature a glass storefront. “That has been explored ... opening that up to create a storefront, so we can actually create either signage or a traditional storefront [on 61st Street],” Mr. Stein said. With medical office tenants in the floors above, including Rockefeller University and Memorial Sloan Kettering, the space could be attractive to tenants in that field. “Our brokers have reached out to City Med, some X-ray imaging companies, because it does provide the infrastructure that they require ... the high ceilings, the ground floor, heavy floor loads,” Mr. Stein noted. The space’s art installation is three-dimensional and occupies approximately two-thirds of the windows. “It’s a three-dimensional piece of art, where he used neon tape and simulated geometric shapes and installed them in such a way that they catch the eye of the passerby or the driver,” Ms. Paley said.

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A freight area in the space is carsized, allowing cars to be parked on the roof of the building. “This used to be a car dealership,” Mr. Stein said, adding that two office tenants have parking privileges. The eight-story building’s lobby features large windows running the length of the frontage on First Avenue, creating a good deal of natural light. “It’s nice for the space,” Mr. Stein said. “There’s a lot of glass.”

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34 | JULY 23, 2013  | THE COMMERCIAL OBSERVER