Commercial Real Estate & Advisory

Retailer places bet on next 34th Street

By Adrianne Pasquarelli | September 4, 2012

ShoeOlogy gets “steal” of a deal at 351 W. 125th St., in the midst of a changing area. Get ‘em while you can.

More retailers are banking on the future of Harlem. Footwear-chain ShoeOlogy Inc. recently signed a 10-year lease for 700 square feet at 351 W. 125th St., between Morningside and Saint Nicholas avenues. Asking rent for the deal, which also includes a 100-square-foot basement, was $103 a square foot.

This will be the company’s third Manhattan location. Owner David Payami already has outposts at 10 E. 23rd St. and at 278 W. 125th St., across the street from the new location.

“We believe that in the next three to five years, uptown, especially 125th Street around where we are, it will be the next 34th Street,” Mr. Payami said. “Right now, if you can grab some extra retail space at the prices they’re going for, it’s a steal.”

The new spot should open for business this fall. It replaces an optical store.

“The neighborhood is really changing,” said Steve Rappaport, the Sinvin Real Estate broker who, along with colleague Max Talpalar, represented the tenant. Messrs. Rappaport and Talpalar also represented landlord New Castle Realty.