Financial
- Monthly rent: $90,000
- Annual rent: $1,080,000
- Rent per SF/month: $17.77
- Rent per SF/year: $213.19
- Approximate monthly cost per 1,000 SF: $17,766
- Lease length: To be confirmed / negotiable
The location is the main reason to consider the space. Union Square benefits from an unusually strong mix of commuters, tourists, office workers, students, residents, restaurants, retail, and year-round pedestrian activity. For a brand that values visibility and volume, this is materially stronger than a typical side-street retail location.
Compared with 123 Third Avenue, this property is actually cheaper on a normalized basis: approximately $213.19/SF/year versus $261.82/SF/year. Union Square South is therefore about 19% cheaper per square foot, while providing nearly twice as much space.
Compared with 150 West 49th Street, Union Square is only modestly more expensive per square foot — $213.19/SF/year versus $200/SF/year — but offers a much larger 5,066-SF footprint and a prime public-square location.
Compared with 166 2nd Avenue, however, Union Square carries a substantial premium: approximately $213.19/SF/year versus $142.57/SF/year. The difference is justified only if the visibility, foot traffic, frontage, and branding value are meaningfully stronger.
The 5,066-SF size makes this appropriate for a serious flagship retail concept, large restaurant, fitness or wellness operator, showroom, experiential retail use, specialty market, or another tenant that can generate substantial revenue from a high-traffic location.
At $1.08 million in annual base rent, the absolute commitment is substantial. I would therefore focus heavily on ground-floor square footage, Union Square frontage, ceiling height, signage rights, basement or mezzanine inclusion, loading access, HVAC, electrical capacity, bathrooms, ADA compliance, and any real estate tax or CAM pass-throughs.
For food and beverage use, I would separately verify venting, gas, grease traps, liquor-license feasibility, occupancy limits, kitchen infrastructure, and permitted use.
Overall, 8 Union Square South is expensive, but the pricing is more defensible than some of the smaller premium retail spaces you have sent. At approximately $213/SF/year, it is materially cheaper per square foot than 123 Third Avenue while occupying one of the strongest pedestrian and transit locations in the area. If the majority of the 5,066 SF is productive ground-floor space with strong frontage, this could be one of the more compelling large-format retail opportunities in your current set.
