The iconic retail and office portion of 15 Park Row, former home to J&R Music, is up for sale by owner Rachelle Friedman as a 200-year condominium leasehold.
Although the second-floor office portion’s 15,186 square feet are leased to creative agency DBOX through November 2026, all of the ground-floor storefronts’ 19,327 square feet, with 90 feet of sidewalk frontage, are vacant — as they have been since J&R moved out in 2015.
Friedman, who also owned J&R, attributed her decision to sell to last month’s interest rate cut.
“Since then we’ve seen interest in the space from retailer groups, not only investors,” she told us.
She revealed that she and her late husband were in “promising” talks for the storefront space with City Winery – until COVID-19 hit.
An apparent deal with a Todd English-branded restaurant group for a portion of the space cratered in 2022 when its investors failed to put up the money.
The commercial unit sits beneath 322 newly built luxury rental apartments owned by Atlas Capital Group.
Friedman and her late husband Joe sold the condo unit for $142 million in 2021 but retained control through a leaseback.
The space is offered through Adirondack Capital Partners. The DBOX space “provides stable in-place rental revenue of approximately$700,000 annually through 2026,” a sales kit says.
Adirondack managing partner David Johnson said, “15 Park Row is a piece of downtown New York retail history. The legacy of J&R and its impact on downtown is unparalleled.”
[Notigroup Newsroom in collaboration with other media outlets, with information from the following sources]
