On Broadway, between Columbus Circle and Lincoln Center rises AvalonBay Communities' latest project: a 33-floor, 172-unit building to host condos, rentals and more than 70,000 square feet of retail in its podium. Addressed at 1865 Broadway, the Skidmore Owings & Merrill-designed tower anchors the southwest corner of West 61st Street, a block north from The Shops at Columbus Circle and a half-block west of Central Park. The tower replaces the 12-story former headquarter building of the American Bible Society, which AvalonBay purchased for $300M in early 2015.
Late last year, we announced that the building topped out its 416-foot superstructure. As crews begin to enclose its concrete frame, new signage has been installed over the sidewalk scaffolding announcing that 70,000 square feet of retail are up for grabs on the building's lower floors. JLL has been tapped to market the spaces which span four levels: the first and second floors in addition to two underground floors.
In this article:
Renderings via JLL / AvalonBay
According to the marketing brochure, the retail spaces will have 247-feet of double-height wraparound frontages, a ground-floor with 20-foot-high ceilings, and a 2,000-square-foot outdoor terrace at the second level's northwest corner. The team says a variety of uses could occupy the space(s), which can range from 1,900-SF to the entire 70,000-SF offering.
According to Cushman & Wakefield's Manhattan Retail Q4 2017 Report, asking retail rents on the Upper West Side average $365 a foot, slightly up from the year prior. However, a sky-high availability rate of 12.5% has ticked up 1.5% over the last year. The well-trafficked blocks of Broadway in the Lincoln Square area are likely to command higher rents than other parts of the neighborhoods. Serving as one of the city's primary cultural hubs coupled with big-ticket residential towers such as 15 Central Park West, Trump International, and The Grand Tier have wooed brands such Best Buy, West Elm, Brooks Brothers, Bed Bath & Beyond and Nougatine at Jean-Georges.
AvalonBay has yet to release plans for the residential offerings. Based on city filings, we do know amenities will include a fitness center and swimming pool, a game room, several lounges, a communal pantry, and a roof terrace. Occupancy is expected for the first quarter of 2019.
Construction progress as of mid-April (CityRealty)
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