New tenants are learning the benefits of University Walk

Real Estate Weekly, Oct 26, 2005

Rose Associates, Inc. has completed two leases at University Walk, located on Eighth Street between Broadway and University Place in Manhattan, where asking rents are $125 psf.

Millennium Art Gallery a signed a 10-year lease for 788 s/f at 55A E. Eighth St. The art gallery and custom framing center has two other locations in Manhattan, at 920 Third Ave. and 1729 Second Ave.

Bruce Spiegel, senior managing director of the commercial leasing department at Rose Associates, Inc., represented both building owner Uniway Partners L.P. and the tenant in the transaction.

The Face Shop, a South Korean-based international cosmetics company, also signed a 10-year lease for 1,243 s/f at 37 E. Eighth St.

Spiegel represented building owner. Murray Hill properties represented the tenant. The Face Shop is expected to open its first New York store in early fall. University Walk is comprised of 27 stores, totaling approximately 60,000 s/f of retail space spanning the north side of East Eighth Street from Broadway to University Place and continuing to the Ninth Street corner along both avenues. Rose Associates, Inc. is the exclusive leasing agent for the entire retail complex.

"In the past few years, we have brought a new mix of retailers to University Walk," said Spiegel. "Millennium Art Gallery will contribute to serving the diverse interests of the residents in the area.

"The Face Shop supported our retail strategy by complementing other University Walk tenants. The cosmetics retailer is located between Jean Louis David Hair Salon and Dashing Diva Nail Salon."

Remaining commercial space at University Walk includes 5,317 (divisible) square feet of space, with storage.