Market: Upper West Side
Property Type: Luxury mixed-use condo building w/ 57 units
Asset Class: Retail Condo
Owner: Adam America & Hampshire Properties
Size: 3,000 SF
Nathaniel Mallon and Brendan Thrapp from Verada Retail have successfully identified two tenants to occupy 3,000 square feet of vacant retail space at 2461 Broadway in Manhattan, New York. Both tenants – Bond Vet, a full-service veterinary clinic, and Blank Street Coffee, an international coffee concept – executed leases before building completion.
Utilizing the Verada Approach – a state-of-the-art marketing concept that maximizes property exposure – the team identified these two expanding and creditworthy businesses to complement one another in the retail space.
Throughout the city, Bond Vet and Blank Street Coffee have signed multiple leases for space near one another. At 2461 Broadway, both tenants have added even more value to the existing property by executing long-term leases.
The first tenant – Bond Vet is a unique addition. The business has been rapidly expanding due to an uptick in pet ownership prompted by the COVID-19 pandemic. According to ASPCA, more than 23 million households – nearly one in five nationwide – adopted a pet during the pandemic. Since its inception in 2018, the company has raised $195 million. Currently, Bond Vet has 31 locations throughout New York City and Long Island; Boston, MA; and the Washington D.C. area.
Blank Street Coffee – the second tenant occupying 960 square feet in the building – offers residents access to premium coffee at an affordable price. Its business model is based on identifying smaller, more efficient spaces where it can maximize volume and serve more customers daily. This grab-and-go concept, which focuses on leveraging technology to expedite the customer experience, has enabled the company to raise more than $67 million in funding and has contributed to its ongoing growth – both nationally and internationally. Recently, the company expanded into London, England.
Located just blocks from Central Park and the Hudson River, 2461 Broadway was previously a mixed-use commercial property with six multi-family units. After undergoing renovation, the property recently transformed into a 57-unit mixed-use luxury condo building. Today, the asset exists as a beautiful corner development building situated in the heart of the Upper West Side, an upscale neighborhood that is one of New York City’s most prominent arts and culture destinations.
Mallon and Thrapp represented the landlord in both transactions and are excited to contribute to the growing demographics within this Upper West Side community.