The prestigious retail and office portion of 15 Park Row, the former home of J&R Music, is up for sale as a 200-year condominium leasehold by owner Rachel Freedman.
Although 15,186 square feet of the second-floor office portion is leased to creative agency DBOX through November 2026, all of the ground floor’s 19,327 square feet of storefronts, with 90 feet of sidewalk frontage, are vacant – as they are for J&R. Since moving out in 2015.
Friedman, who also owned J&R, attributed his decision to sell to last month’s interest rate cut.
“Since then we have seen interest in the sector from not only investors, but also retailer groups,” he told us.
She revealed that she and her late husband were in “promising” negotiations with City Winery for storefront space — until COVID-19 struck.
An apparent deal with Todd English-branded restaurant group for a portion of the space expired in 2022 when its investors failed to commit money.
The commercial unit is located beneath 322 newly constructed 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.
This position is offered through Adirondack Capital Partners. A sales kit says the DBOX space “provides stable rental revenue of approximately $700,000 annually through 2026.”
“15 Park Row is a part of Downtown New York’s retail history,” said David Johnson, managing partner of Adirondack. J&R’s legacy and its impact on the city is unparalleled.
